ATHENS (Thomson Financial) - Greece's ATEBank SA said it is seeking bids for
its stake in insurance unit ATE Insurance SA until June 23, as well as for the
establishment of a strategic alliance in the banc-assurance area.
In an announcement to the Athens Stock Exchange, the bank said it has
appointed Deloitte Business Solutions SA to accept non binding bids, but
reserves the right to extend the deadline.
ATEBank has an 84 percent stake in the insurance unit whose results have
recently turned around.
Sources close to the bank said they are selling the unit to reduce the need
to hold large amounts of regulatory capital that would necessary under Basel II
guidelines.
nick.skrekas@thomsonreuters.com
ns/am
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