National adds the healthy part of Probank to its network

National Bank has secured the healthy part of Probank, one of the country’s medium-sized lenders, as the Bank of Greece announced its division into «good» and «bad» banks on Friday.

Probank’s management had been seeking investors in recent months in a bid to gather the necessary funds of 222 million euros to retain its autonomy. The effort was not successful as the investment group that did express an interest in acquiring a strategic stake in Probank set terms which were rejected by the authorities.

This is the second mid-sized lender to be secured by National within a few weeks, after it absorbed First Business Bank in May.