Hellenic Postbank, Proton Bank expected to be sold by July 15

Greek authorities are expected to have completed the sale of Hellenic Postbank and Proton Bank by July 15, according to a revised memorandum. The text of the memorandum, released by the European Commission on Friday, also noted that non-systemic banks currently controlled by the Hellenic Financial Stability Fund -Hellenic Postbank and New Proton Bank- must be sold by July 15.

All other non-systemic banks which will not be able to cover their capital needs by this date, will be led to liquidation or to be absorbed by the four systetmic banks of the country (National Bank, Alpha Bank, Piraeus Bank and Eurobank) in cooperation between the HFSF and the Bank of Greece.

Additionally, Greek authorities must present an integrated strategic plan for the banking sector by mid-July. The HFSF, the Bank of Greece and the Finance ministry will have the responsibility of drafting the plan, in cooperation with the EC-ECB-IMF troika.

Following completion of the strategic plan, the troika will begin talks over a possible merger between systemic banks in Greece, such as a "frozen" merger plan between National Bank and Eurobank.