National Bank to set up real estate subsidiary

National Bank (NBG), the country’s largest lender, plans to create a real estate investment company with property assets valued at about 590 million euros, it said yesterday. NBG plans to transfer real estate currently owned by the bank to the new company, which will be called NBG Pangaea Real Estate Investment Company, according to a statement issued by the bank. The bank told shareholders yesterday that expansion abroad, through acquisitions or operational growth, will be among its top priorities for 2010. Shares in National Bank, which has a market capitalization of 10.5 billion euros, have shed 37.4 percent in the last three months, ending at 17.35 euros on the Athens bourse yesterday. The broader market has retreated 24.22 percent in the same period.

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