Bloomberg News

Proton Bank to Reorganize Into Lender Called New Proton Bank

October 10, 2011

Oct. 10 (Bloomberg) -- Proton Bank SA will reorganize into a new lender called New Proton Bank which will have a 10.6 percent capital adequacy ratio, according to an e-mailed statement from the Athens-based Finance Ministry today.

The deposits and “healthy” operations, inlcuding the loan portfolio, were transferred to New Proton Bank, the ministry said. The move has Bank of Greece and finance ministry approval and the plan is to sell the new lender’s shares soon, the statement said.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Maria Ermakova at mermakova@bloomberg.net


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