ECONOMY

NBG said to have bid for 46 pct stake in Turkey’s Finansbank

The National Bank of Greece (NGB) has bid for a 46 percent stake in Turkish Financial group Finansbank, financial daily Naftemporiki said yesterday. Citing unnamed sources, the paper said NBG was offering around 2.5 billion euros for the stake in Turkey’s fifth-largest bank. Sources in Istanbul said earlier in the week that US-based Citigroup and NBG were expected to submit rival offers for the Turkish bank before a March 31 deadline, adding Citigroup was favored to win. Naftemporiki said Citigroup was offering 3.5 billion euros for a 56 percent stake in Finansbank. On Wednesday, NBG said in a statement it had a general interest in expanding into Serbia and Turkey, including plans for selected acquisitions in the two countries. But it said it could not provide any further details as it was bound by confidentiality agreements. (Reuters)