ECONOMY

National Bank picks bookrunners for its Finansbank stake sale

National Bank of Greece announced yesterday it has chosen six banks as advisers and underwriters for the sale of up to 20 percent of its Turkish subsidiary Finansbank. NBG, which intends to raise about 1 billion euros from the sale of the stake, has appointed Credit Suisse, Deutsche Bank, Morgan Stanley, Bank of America, Goldman Sachs Intl and HSBC Holdings to manage the process. The sale will bring NBG’s stake in the Turkish lender no lower than 75 percent. «Further details regarding the public offering will be announced in due time. It is the intention of National Bank that the Finansbank offering, which may comprise both primary and secondary shares, be completed as soon as practicable, subject to market conditions and obtaining all necessary regulatory and other approvals,» NBG stated. Finansbank accounts for about a third of National’s profits, with the Turkish and Greek economies heading in different directions at the moment. With this sale of a stake, NBG will have completed its 2.8-billion-euro plan to bolster its capital, having already raised 1.8 billion euros by selling new shares and convertible bonds.