ELTA and Greek Postal Savings Cooperate

Greece’s Post Savings Bank (TT) and the Post Office (ELTA) signed a cooperation agreement on Monday to join their networks and distribute each other’s products. Transport and Communications Minister Christos Verelis told reporters the agreement will run for 10 years with an option to renew for another three years. It will bring the two organisations closer together, he said. ‘The TT has all the prerequisites to develop into a significant player in the banking market,’ the minister said, adding that is headed for listing on the Athens bourse in 2002. The agreement will result in a unified 1,600 branch network which will offer a range of banking services, including home loans and mutual funds. Turning to press reports placing TT in the midddle of possible strategic deals with other banks after the recent National Alpha Bank merger, Verelis said these reports were not realistic.” The article states: “TT’s net profit in 2001 is expected to grow to 55 billion drachmas ($142.2 million) from 21.7 billion last year with deposits rising by 8.4 percent to 3.05 trillion drachmas