Greece central bank rescues Proton Bank

The central bank of
Greece has stepped in to rescue Proton Bank.

Proton Bank will be
split in two with a so-called ‘good bank’, New Proton Bank,
acquiring the bank’s deposits and safe assets.

The sole shareholder
will be the Greek Financial Stability Fund (FSF); the lender will
continue to operate under the Proton brand.

Proton operates a branch
network of 31 outlets and had assets of €3.5bn ($4.7bn) at the
end of the first half.

Proton recorded a loss
of €29.96bn in the six months to 30 June.

Proton’s customer
deposits fell by 7.52% year-on-year to €1.79bn while net loans
totaled €1.99bn, up 1.9% year-on-year at the end of
June.

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