18 January 2012
ATHENS, GREECE – UNICON awarded TBank S.A. contract to assist TBank in its liquidation.
TBank S.A., together with its subsidiaries, provides various banking products and services to individual and corporate customers in Greece. The company was formerly known as Aspis Bank S.A. and changed its name to TBANK S.A. in May 2010. TBank S.A. was founded in 1992 and is headquartered in Athens, Greece.
TBank experienced inability to restore its capital adequacy as it was required by Bank of Greece. In December 2011, the Bank of Greece put TBank S.A.’s deposits, personnel, and banking activities under the control of state-owned Hellenic Postbank S.A., saying the lender wasn’t able to raise enough capital to keep operating. TBank’s license has been revoked and the bank’s assets are being liquidated.
TBank, which is based in Athens, had 2.6 billion euros (US$3.4 billion) in total assets at the end of the third quarter. Hellenic Postbank, Greece’s sixth-biggest lender, owned 33 percent of TBank and offered to buy the remaining equity in a stock-for-stock bid.
The Consultant was engaged to assist TBank in its liquidation and reallocation of assets. The Consultant will prepare a plan for moving of TBank’s operations, as well as advice on human resources management and reallocation of existing staff members.