The European Commission has approved €680 million of state aid over a six-month period for the resolution of T Bank in Greece. The aid is granted by the Hellenic Deposit and Investment Guarantee Fund (“HDIGF”), and will go toward facilitating Hellenic Postbank’s acquisition of T Bank’s economic businesses. T Bank, formerly Aspis Bank, is a small bank that had struggled. The Bank of Greece proceeded with the resolution of T Bank on December 17, 2011, and transferred T Bank’s assets and liabilities to Hellenic Postbank. Hellenic Postbank, the sixth-largest Greek domestic bank, already had a 32.9 percent share in T Bank.
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