ECONOMY

Bids for Finansbank due by end-November

bids-for-finansbank-due-by-end-november

Bids for National Bank of Greece’s (NBG) Turkish business, which has a book value of 3.4 billion euros, are due by the end of the month, people familiar with the matter said on Friday.

NBG, Greece’s biggest lender, said this week it will sell its Turkish subsidiary Finansbank to plug a capital shortfall identified in European Central Bank stress tests.

NBG gave the tangible book value of the asset at an investor presentation but did not say what it expects to get for the business.

Potential buyers have already expressed an interest and final bids are due to be submitted by the end of this month, two sources said.

Qatar National Bank is seen as the favorite although Turkey’s Garanti Bank and Fibabanka are also interested, sources have said.

[Reuters]