National Bank (NBG) has signed a deal to sell its wholly owned subsidiary in Cyprus to Astrobank for an undisclosed amount, Greece’s second-largest lender by assets said on Tuesday.
The sale is subject to approval by the Central Bank of Cyprus and the island’s competition authorities, NBG said.
NBG Cyprus has a six-branch network.
The divestment is expected to have a positive impact on NGB’s Core Tier 1 capital ratio, the bank said.
Credit Suisse advised NBG on the sale.