National Bank of Greece (NBGIF)

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National Bank of Greece drops US obligations
March 20th, 2019 10:19 GMT
by Gary Dixon

Shipping lender National Bank of Greece (NBG) is scrapping its obligation to report to the US Securities and Exchange Commission (SEC).

It said it was filing Form 15F to immediately halt requirements.

"After 90 days, if the SEC does not object, the suspension becomes a permanent termination of SEC reporting obligations," it added.

"Until the termination of registration becomes effective, NBG will continue to comply fully with all other requirements applicable to foreign private issuers registered under the Exchange Act."

NBG said that in 2017 it had resolved to voluntarily terminate the amended and restated deposit agreement from 1998 with The Bank of New York Mellon, as holder of its American Depositary Receipts (ADRs) that represent one NBG share each.

Following the termination of NBG’s ADR programme last March, the underlying ordinary shares of NBG continue to trade on the Athens Exchange.

"The board of directors of NBG weighed the benefits of maintaining the ADR programme against the associated costs and risks and determined that terminating the ADR programme is in the best interest of NBG due to the limited size of the ADR programme, the costs associated with such programme and NBG’s reporting, filing and compliance obligations under the Exchange Act," it said.