The Board of Directors of T.T. Hellenic Postbank S.A. (onwards "Hellenic Postbank") and T Bank S.A. (onwards "T Bank") at their meetings held on June 22, 2011 decided to initiate merger procedures between the two institutions.
The Merger will take place by the absorption of T Bank by Hellenic Postbank by consolidating Assets and Liabilities of both Banks in accordance with article 16 of Law 2515/1997, articles 1-5 of Law 2166/1993 and articles 69-77a of Law 2190/1920. The merger reference date is set as March, 31 2011.
The proposed exchange ratio of the old (pre-merger) shares of T Bank with the new (post-merger) Hellenic Postbank shares is the following:
- Fifty (50) existing shares of T bank for one (1) new Hellenic Postbank share
The number of shares held by the current shareholders of Hellenic Postbank will remain unchanged.
The completion of the abovementioned merger is subject to approvals by the Board of Directors and General Meetings of both Banks in accordance with the Laws, which will decide based on valuations of the fair exchange ratio by independent Audit firms and the permissions and approvals of the relevant authorities.