BUSINESS

NBG sells South African Bank of Athens to GroCapital Holdings Ltd

TAGS: Business, Banking

National Bank of Greece on Thursday announced the completion of the sale of its 99.83 percent stake in the South African Bank of Athens to GroCapital Holdings Limited, a consortium consisting of Afgri Holdings Proprietary Limited, Fairfax Financial Holdings Limited and Public Investment Corporation SOC Limited.

This followed the receipt of the required regulatory approvals from the South African Reserve Bank, the South African Ministry of Finance and the South African Competition Authority and Competition Tribunal.

The successful completion of the transaction, which has taken place in the context of NBG’s restructuring plan, increases NBG’s first-half CET1 ratio by 7 basis points.

[Reuters]

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