ECONOMY

Eurobank to sell Tekfen

The management at Eurobank EFG Group expects to have completed the sale of 70 percent of its Turkish subsidiary, Tekfen, by the end of the year, as Greek lenders scramble to boost their capital.

Eurobank?s alternate managing director, Nikos Karamouzis (first left in this file photo), told Bloomberg yesterday that the sale will add 80 basis points to the group?s capital adequacy Tier I index.

Eurobank Tekfen was founded in 1989 and Eurobank EFG acquired a 70 percent stake in 2007, maintaining a strategic alliance with the Tekfen group that owns some 30 percent of the Turkish lender.

Karamouzis stated that the EFG Group does not intend to proceed to the sale of other holdings after its recent sale of a 70 percent stake in Polbank in Poland for 490 million euros.

National Bank of Greece has also announced a plan for the sale of a 20 percent stake in Turkey?s Finansbank, although this initiative has not been completed yet.

Piraeus Bank meanwhile says Standard Chartered Plc has shown an interest in the acquisition of Piraeus Bank Egypt.