ECONOMY

Four suitors line up for stake in Finansbank

four-suitors-line-up-for-stake-in-finansbank

Qatar National Bank, Turkey’s Garanti Bank and Fibabanka are interested in an anticipated sale by National Bank of Greece of a stake in its Turkish unit Finansbank, sources close to the matter have told Reuters.

One source said an unnamed Chinese group was also interested in the stake sale in Finansbank, which is virtually 100 percent-owned by NBG.

Under a restructuring plan approved by European regulators, NBG committed to selling 40 percent of its Finansbank stake but postponed the plans earlier this year on valuation concerns.

NBG, Greece’s biggest lender, declined last week to comment on a report that it had received a bid from QNB valuing Finansbank at about 3 billion euros.

“In total four groups have made bids. NBG wants to have concrete bids when the stress test results come in,” another source said.

“It is likely that QNB will be at the forefront in this sale.”

[Reuters]