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Athens News Agency: News in English, 10-10-11

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] NBG to sell stake in Finansbank

  • [01] NBG to sell stake in Finansbank

    National Bank of Greece (NBG) will begin procedures to sell an equity stake of up to 20 pct in its subsidiary Finansbank with the hiring of consultants to the sale. The bank is expected to complete the sale in the period January 15-February 15, 2011, with Turkish and other foreign investors already having expressed interest.

    National Bank on Monday completes a share capital increase plan, with positive messages sent both from the participation of institutional investors and private investors. Speaking to reporters, in New York, National Bank's chief executive, Apostolos Tamvakakis said the bank's move to proceed with a share capital increase plan in a period of introversion for Greek banks -because of the consequences of the fiscal crisis- was expected to allow the bank to gradually regain access to interbank markets. He said the bank would also make the first step towards becoming more independent from European Central Bank's funding (National Bank has borrowed 22 billion euros from ECB out of a total of 96 billion euros of the domestic banking system).

    The share capital increase plan also allowed the bank to repay the state's prefered shares, worth 350 million euros, resulting to an increase in its Tier I capital adequacy ratio to 14.6 pct, one of the highest in Europe.

    National Bank's executives stressed that a successful completion of a share capital increase plan would be a vote of confidence to the Group and the Greek economy in general. Tamvakakis said National Bank would not use the money from its share capital increase plan to move with a takeover or a merger deal in cash.

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