National Bank of Greece plans stake sale in Turkey’s Finansbank
National Bank of Greece plans to sell a minority stake in Istanbul-based Finansbank as part of plans to boost capital.
The lender, based in Athens, will submit a restructuring plan later this year which includes the sale of a “significant” minority stake in Finansbank, according to a statement posted on its website.
NBG’s shareholders on May 9 approved a plan to raise 2.5 billion euros ($3.4 billion) through the sale of new shares priced at 2.2 euros apiece, according to an e-mailed statement at the time. NBG acquired Finansbank, Turkey’s seventh biggest bank by market value, in 2006.
Finansbank’s shares rose as much as 3.25 percent and gained 1.3 percent to 3.12 liras as of 9:52 a.m. in Istanbul. [Bloomberg]