Friday April 18, 2014 Search
Weather | Athens
17o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
National Bank plans to sell minority stake in Finansbank

By Yiannis Papadoyiannis

National Bank of Greece is adopting a new strategy for its group in Greece and abroad, including the gradual sale of a minority stake in Turkish subsidiary Finansbank, aimed at strengthening the lender in light of new economic and banking conditions.

The management of the group intends to sell a stake in Finansbank that will not exceed 40 percent. This would allow National to bolster its capital base while retaining a strong presence in the populous and dynamic Turkish market. The National group does not wish to sell all of its holding in Finansbank given that it constitutes its greatest source of profits.

Regarding the rest of Southeastern Europe, where National also has a strong presence, the group will try to further strengthen its position in the context of the general restructuring of Greek banks’ subsidiaries in the broader region.

In the domestic market National will proceed with the active utilization of its assets, again to boost its capital base. Recent moves have taken its equity index to 9.6 percent, but the aim of management is to raise it to 10 percent. This will be achieved through the sale of non-banking activities such as the Astir Palace hotel in southern Attica, and the utilization of the group’s sizeable real estate portfolio.

National officials have expressed their satisfaction with the lender’s recapitalization, which they have termed as being “historic.” They note that maintaining the bank’s independence and private character has multiple positive consequences not only for the credit system and for enterprises, but also for the domestic economy overall.

After the success of the share capital increase National has decisively enlarged its shareholder base with the participation of strong investors, thereby drastically reducing the participation of the broader public sector. Senior officials at the bank estimate that the stabilization of the economy and the gradual restart of activity combined with the initiatives of the management for the restructuring of the group will put it back on an upward course, generating gains for the shareholders who took part in the bank’s recapitalization.

ekathimerini.com , Wednesday Jul 17, 2013 (23:05)  
PPC to issue corporate bond of 500 mln
Primary surplus continued by end-March
Eurobank eyes top Core Tier 1 level in Greece
Tourist spending up 17.3 pct
Greece offers to help find Turkish F-16 lost in 1996
Greece officially offered on Thursday to assist Turkey in its efforts to locate and salvage a Turkish Air Force fighter jet which crashed in the Aegean almost 20 years ago. Greek Defense Min...
Talks lined up in wake of ‘shameful’ soccer scenes
The government has pledged to meet with soccer officials after Easter to tackle unruliness in the game following wild scenes at the Greek Cup semifinal between PAOK and Olympiakos in Thessal...
Inside News
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national team’s triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Former Red Bourousis wrecks Olympiakos´s hopes for a break
2. PPC to issue corporate bond of 500 mln
3. Greece offers to help find Turkish F-16 lost in 1996
4. Primary surplus continued by end-March
5. Eurobank eyes top Core Tier 1 level in Greece
6. Tourist spending up 17.3 pct
more news
Today
This Week
1. Greece startup leaders say they can’t break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Seven arrested over Toumba violence
5. Greek current account deficit widens in February
6. National Bank of Greece plans senior unsecured bond sale
Today
This Week
1. Bomb explodes outside Bank of Greece
2. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
3. Samaras sees no need for third bailout
4. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
5. Parties start announcing candidates for European Parliament elections
6. Greece's market return mirrors return of tourists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.