National Bank of Greece ADR (fka NBGGY)

[Victor6]

NBG on full force to get its glory back - National Bank of Greece considers divesting certain stake in Finansbank

National Bank of Greece (NBG) is mulling to gradually divest its controlling stake in Turkish subsidiary, Finansbank, with a strategy to boost its capital buffer to meet the challenges in changing economic and banking scenario.

Aimed at reinforcing the lender's position in Greece as well as globally, especially in Turkish market, the lender that owns 94.8% in the bank, will not dispose of more than 40% stake, as reported by ekathimerini.com.

The bank has no plans to sell further holdings in its Turkish subsidiary as it is generating suitable profits. It is also planning to reorganize its subsidiaries in the Southeastern Europe, where it has been bolstering its operations.

At the domestic front, the lender wants to increase its equity index from current 9.6% to 10% by strategically exploiting its assets, including sale of non-banking activities, among others.

In October 2012, NBG made a voluntary proposal to purchase all the outstanding ordinary registered shares of Eurobank Ergasias.

Operating in 12 countries, NBG group employs 35,078 staff and provides various financial products and services, including deposits, business investment, finance, brokerage, insurance, leasing and factoring.

http://retailbanking.banking-business-review.com/news/national-bank-of-greece-considers-divesting-certain-stake-in-finansbank-180713