ECONOMY

National Bank puts final touch to new property arm

National Bank, the country’s largest lender, has completed procedures for the establishment of a real estate subsidiary with assets worth 914 million euros, it said yesterday. The subsidiary, called NBG Pangaea Real Estate Investment Company (REIC), will have a property portfolio consisting of 241 buildings, most of which are branch offices and office space that have been leased to the bank. «The decision to set up the REIC will create an investment vehicle that can take advantage of investment opportunities in the broader area of the real estate sector in which the group operates, while also maximizing the bank’s significant property portfolio,» National Bank said in a statement yesterday. The subsidiary will be active in the investment, management and development of real estate assets, added the Athens-based lender.