NEWS

Greece’s NBG expects sale of Finansbank by March

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The updated capital plan submitted by National Bank of Greece to the European Union’s competition authorities provides for the sale of 99.8 percent of its Turkish subsidiary Finansbank by March 2016, with possible buyers already invited to table their offers.

NBG will also sell 75 percent of Ethniki Insurance, with an option to hold on to the remaining 25 percent should the buyers demand so.

The plan further provides for the sale of two insurance activities in Romania and Cyprus by June 2017 and the sale of subsidiaries in at least two more countries by 2018 at the latest.

Total staff in Greece will drop to 10,250 people by end-2017 and to 9,950 by end-2018, from 12,300 at end-September.

The bank has not yet implemented the provisions of its original capital plan as regards divestitures of domestic non-banking activities.