BUSINESS

National seals deal to sell Cyprus unit to Astrobank

TAGS: Banking, Business, Cyprus

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.

[Reuters]

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