Tag: Greece

Greece elected chair of the next Postal Operations Council

Posted by | Aug 8, 2008 | |

Greece will chair the next Postal Operations Council of the Universal Postal Union, in the person of Dr. Andreas Taprantzis, Chief Executive Office of the Greek postal operator, ELTA.

The 40 member countries newly elected to the Postal Operations Council held their first meeting to elect their chair, a position Great Britain, Greece and Switzerland were vying for.

Greece received 22 votes against 18 for Great Britain in the second round of voting.

In thanking the members for their support, Taprantzis added that Greece would devote itself and its resources for the benefit of the UPU and all its member countries.

The Postal Operations Council deals with technical and operational issues affecting the international postal sector. It promotes the introduction of new postal products and makes recommendations to member countries concerning standards for technological, operational or other processes. The Council’s programme of work aims above all at helping postal services to modernize and upgrade their postal products.

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Greece to start Hellenic Post sale this year

Posted by | Jun 5, 2008 | |

Greece plans to begin the sale of its state-run postal company Hellenic Post (ELTA) this year, ahead of a deregulation of its postal services market, a government official said on Thursday.

Greece has been selling down stakes in state-controlled companies to strengthen the economy’s competitiveness and to help pay down public debt, which at about 95 percent of GDP, is one of the highest in the euro zone. The conservative government was examining two different ways of privatising ELTA but no decision had been made yet, Communications Ministry general secretary George Anastasopoulos told Reuters in an interview.

“Our aim is to begin procedures to find a partner for ELTA in 2008, or list company shares on the Athens bourse and then find a strategic investor,” he said.

Greece is targeting 1.6 billion euros in revenues from the sale of ports, airports and public companies this year, but has only raised about 450 million euros so far.

Analysts estimate that the government could garner a further 150 million euros if it sells up to 20 percent of ELTA.

“All over Europe we are seeing moves to attract investors and strategic partners in the (postal) sector, and we want to see what interest exists in ELTA. It’s our final chance to get ready before the market frees up,” said Anastasopoulos.

A strategic partner for ELTA’s courier subsidiary should be announced early next year, he added. Two companies out of an initial dozen that expressed interest will be asked to present binding bids.

He did not name the suitors but Greek media reported DHL, UPS, Speedex, TNT and Imperio-Star were in the race.

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Greek National Bank confirms buy of 5.16 pct stake in Greek Postal Savings Bank

Posted by | Apr 21, 2008 | |

National Bank of Greece (NBG) said it acquired 5.16 percent of Greek Postal Savings Bank via block trades on the Athens Exchange, confirming what sources had said earlier to Thomson Financial News.

NBG explained that it bought 7.34 million shares in four block trades at 13.25 euros per share, taking its total holding in Greek Postal Savings Bank to 5.73 percent.

On March 28, EFG Eurobank Ergasias SA raised its stake in Greek Postal Savings Bank to 5.7 percent by acquiring 5.55 million shares at 10.5 euro per share.

Brokers recently told Thomson Financial News that several banks would be interested in Greek Postal Savings Bank’s further privatisation, should the Greek state decide to reduce its stake from its direct and indirect roughly 44 percent holding.

The brokers explained this was because in times of tight liquidity, Postal Savings Bank rich cash reserves and extensive deposit gather network would command a premium.

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Greek Post Bank 2007 profit declines 68 pct

Posted by | Mar 31, 2008 | |

Greece’s Post Bank (TT) reported a 68 percent drop in 2007 profit as increased interest income was offset by a trading loss, the state-controlled lender said on Monday.

Net profit for the full year fell to 43.5 million euros (USD 68.56 million) versus 137.2 million euros a year earlier, while net interest income rose to 294.4 million euros from 253.6 million euros, according to a financial statement.

The lender also said it will propose a dividend of 0.25 euros a share on 2007 earnings, compared with 0.6 euros for 2006.

Greece in July sold a 20 percent stake, raising about half a billion euros and cutting its stake in the lender to 45 percent and has said it plans to sell a further stake this year.

On Friday, Greece’s second-largest lender EFG Eurobank said it raised its stake in TT to 5.7 percent as part of its investment plans, but did not say whether it planned to increase its stake.

Greek media have said in the past, without citing sources, that EFG was looking at holding a major stake in TT if the government sold part of its stake.

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