ECONOMY

NBG urges rethink of bid for Finansbank

The National Bank of Greece (NBG) said yesterday it wants a Turkish regulator to reconsider its decision to ask NBG to raise its offer to buy out minority shareholders of Turkey’s Finansbank. «On December 29, NBG made a request to the Turkish authorities to reconsider their decision,» NBG said in a statement to the Athens Stock Exchange. Last week, Turkey’s market watchdog said Greece’s largest lender, which bought 46 percent of Finansbank in August, must raise its offer for the acquisition of minority shares to $4.14 from $4.04 for each block of 10 shares held, NBG said. The regulatory body asked for the increase due to accounting differences on valuations for the Turkish lender. Eyeing growth opportunities in Turkey, National clinched a deal last April to buy 46 percent of Finansbank for $2.77 billion from the Ozyegin family. National, which is also present in Bulgaria, Romania, Albania and Serbia, tapped the stock market for -3 billion ($3.98 billion) via a 4-for-10 rights issue at -22.1 euros a share to finance the acquisition. (Reuters)