ATEbank will reduce its workforce by 1,000 persons, cut payouts by 10%, shut down branches and sell all its non-bank holdings as part of its restructuring plan.
The state run bank will go through a triple merger with the Loans and Consignments Fund (LCF) and the Hellenic Postbank to create a strong state run banking pillar.
The plan includes restructuring of ATE, which must get rid of its non-bank holdings while the LCF will be cut in two. From this procedure, an SA in the form of a bank will emerge that will merge with ATEBank. Then the new entity will be absorbed by the Hellenic Postbank.
Afterwards, the Greek government will sell a stake of the new bank.
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