ATEbank To Sell Majority Stake In Romanian Branch

05.25.2011 By Andrei Cîrchelan

Greek state-owned group ATEbank wants to sell the majority stake in ATEbank Romania, as part of a restructuring plan compiled and unfolded in compliance with European Union regulations.

ATEbank holds 74.12% in ATE Bank Romania, while the International Finance Corporation holds 15% and local UCECOM holds 7.36%.

Most sales are planned for this year.

ATEbank is the fifth largest banking group in Greece, with assets worth some EUR30 billion at the end of 2010 and a market share of some 6% with respect for assets. The group is 77% owned by the state.