Globul is Bulgaria's second largest mobile network by subscribers, while Germanos Telecom is a local retail chain.
"OTE is considering the possible sale of its units in Bulgaria Globul and Germanos Telecom Bulgaria and plans to start the necessary procedures," the company confirmed in a statement.
OTE is itself 40% owned by Germany's Deutsche Telecom.
Last month, Fitch Ratings downgraded the company's debt ratings on concern about the Greek economy.
OTE's debt totals EUR4.9 billion and existing cash resources invested overseas, some in other government bonds, is EUR707m in short-dated highly rated government securities and EUR849m cash as at Q112.
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