ECONOMY

Greece’s NBG says Turkish unit to issue new shares

Greece’s biggest lender by assets National Bank said on Wednesday its Turkish unit Finansbank has submitted a plan to capital market authorities to raise up to 715 million Turkish lira (318.91 million US dollar) via an issue of new shares.

NBG aims to reduce its current stake in Finansbank to 60 percent by the end of 2015, based on a restructuring plan approved by the EU.

NBG said the share offering, without pre-emptive rights for Finansbank shareholders, will be sold via a public offering and a private placement. [Reuters]