Wednesday May 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Goldman, Deutsche Bank said to be near deal for National Bank's buyout firm

By Kiel Porter, Marcus Bensasson and Aaron Kirchfeld

The private-equity units of Goldman Sachs Group Inc. and Deutsche Bank AG are nearing an agreement to purchase the buyout arm of National Bank of Greece SA, according to two people with knowledge of the matter.

Goldman Sachs Asset Management and DB Private Equity are in talks to pay Greeces largest lender about 300 million pounds ($506 million) for NBGI Private Equity Ltd., about a third less than the bank originally invested, said the people, who asked not to be identified because they werent authorized to speak publicly.

NBGIs management, headed by Chairman and Chief Executive Officer Pavlos Stellakis, is in negotiations to remain with the London-based unit after the deal is completed, though no final decision has been made, two of the people said. The business has underperformed similar buyout firms, with 10 of its 11 funds projected to lose about 25 euros for every 100 euros invested, according to an April document outlining the sale seen by Bloomberg News.

Were in the final stage, but there hasnt been any decision, Dimitris Spyropoulos, a spokesman for Athens-based National Bank, said yesterday. Spokesmen for Goldman Sachs, Deutsche Bank and NBGI all declined to comment.

National Bank, majority owned by Greek taxpayers after a 8.5 billion-euro bailout last year, is selling assets to boost capital before European stress tests.

Stellakis has presided over the buyout arm for more than a decade and received a $3.8 million bonus in 2009 -- the same year National Bank got its first state rescue. He has properties in London, New York and the south of France, and has had luxury cars including a Bentley and two Porsches, Bloomberg previously reported.

[Bloomberg]

ekathimerini.com , Wednesday August 6, 2014 (11:12)  
Economic sentiment weakens in Cyprus in May, says survey
ECB said to leave emergency aid level for Greek banks unchanged
A guide to Greeces debt crisis and whats at stake
The G-7s problem: Can the world deal with a Greek default?
Commissioner Avramopoulos calls for EU solidarity on immigration issue [Update]
The European Commission proposed easing the impact of the Mediterranean migration crisis on Italy and Greece by moving 40,000 refugees to countries further north. The proposal looked set to ...
Ahead of G7, US warns Europe not to miscalculate over Greece [Update]
The United States urged European negotiators not to miscalculate as they try to negotiate a debt deal with Greece's cash-strapped government, because the cost of a Greek exit from the euro z...
Inside News
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
Inside Sports
COMMENTARY
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
EDITORIAL
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Commissioner Avramopoulos calls for EU solidarity on immigration issue [Update]
2. Economic sentiment weakens in Cyprus in May, says survey
3. Ahead of G7, US warns Europe not to miscalculate over Greece [Update]
4. EU says fiscal targets, pensions, labor still to be agreed with Greece
5. Schaeuble says up to Greece to decide on capital controls
6. Vouliagmeni lifeguard taken into custody on child pornography charges
more news
Today
This Week
1. Some 300 mln left banks on Tuesday
2. Romantic notions meet reality
3. Target of Greek scorn shapes nations fate as IMFs storm-chaser
4. The G-7's problem: Can the world deal with a Greek default?
5. Solving the Gordian Knot
6. FYROM PM blames Greece for name impasse
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Hotel contracts with a Greek default clause
5. Neither Grexit nor a dual currency will solve Greeces problems
6. Merkel said to plan address for Greece if deal reached
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.