No decision on management of National and Piraeus

National and Piraeus banks still haven't completed their administrative changes, a process that is necessary for them to move on after their recapitalization and restructuring.

The governing board of National Bank convened on Thursday to select a new president, but the session was adjourned upon a request by bank bailout fund HFSF, the lender's main shareholder. The HFSF wishes first to see its own new management take over on Tuesday, November 1, before any decisions are made at banks.

The situation at Piraeus Bank is thornier, as despite constant consultations and negotiations toward consensus on an person to be appointed chief executive officer, as yet there has been no result, aggravating the situation for the lender, its employees and the shareholders themselves. Piraeus Bank has had a temporary-transitional management since January 20.