National Bank of Greece has completed 80 percent of its restructuring plan, with five actions left to complete before the end of 2018.
The most important of these is the sale of its insurance subsidiary.
Kathimerini understands the European Commission’s Directorate General for Competition has rejected a Finance Ministry request for a revision to National’s restructuring plan in order to avoid having to sell Ethniki Insurance.
The bank’s management has made no secret of its wish not to sell its subsidiary but the process is under way and the sale is expected to be completed within schedule.
The implementation of the systemic banks’ restructuring plans agreed with the Directorate General for Competition constitute legally binding commitments for Greece, and if they are not adhered to, the European authorities can demand the immediate return of all state assistance granted to them in the context of the recapitalizations.