JP Morgan boosts Greek business with post savings bank mandate
JP Morgan has strengthened its Greek business by winning the mandate to privatise the country’s Post Savings Bank, a year after hiring Harry Adamopoulos to run its investment banking business there. Nikos Christodoulakis, the Greek Finance Minister, was reported to have said that between 35% and 40% of Post Savings Bank will be sold in an international tender. Post Savings Bank is eventually expected to list on the Athens stock exchange.
JP Morgan confirmed the mandate but declined to comment further.
Prior to Adamopoulos’ arrival, the US bank did not have anyone at such a senior level covering Greek investment banking. Adamopoulos re-joined JP Morgan in September, 15 years after he quit as an analyst for the US bank to join Credit Suisse First Boston (CSFB). His last job at CSFB involved running the Greek and Portuguese investment banking business.
JP Morgan has already made progress in Greece, and last month alongside UBS Investment Bank managed the sale of shares in a subsidiary of Alpha Bank, raising 273m ($306m). In addition, in June Adamopoulos’ team advised Philip Morris, the US tobacco group, on the 485m acquisition of a 75% stake in Papastratos, a Greek tobacco company. In March the bank led a 1.25bn inflation-linked bond issue from the Hellenic Republic.
