Na­tional to sell Fi­nans­bank shares

Kathimerini English - - Front Page - YIAN­NIS PAPADOYIANNIS

Na­tional Bank of Greece yes­ter­day an­nounced it in­tends to go ahead with the sale of some of its shares in Turk­ish sub­sidiary Fi­nans­bank, along­side the lat­ter’s share cap­i­tal in­crease. How­ever it will re­tain a 60 per­cent stake in the Turk­ish lender.

The to­tal stake to go on sale through the di­rect sale of shares and the share cap­i­tal in­crease will amount to 26.9 per­cent. Na­tional Bank sources said the sale of ex­ist­ing shares that Na­tional holds in Fi­nans­bank will range be­tween 2.5 and 6.9 per­cent.

Down to 60 pct

Ac­cord­ing to Na­tional’s re­struc­tur­ing plan sub­mit­ted to the Euro­pean Com­mis­sion, its stake in Fi­nans­bank will be re­duced to 60 per­cent by the end of 2015. Sources from the Greek lender ex­plained that if in­vestors ac­quire the max­i­mum 6.9 per­cent of Na­tional’s shares in the Turk­ish bank, then the share cap­i­tal in­crease will be con­tained ac­cord­ingly so that third par­ties do not own more than a com­bined stake of 40 per­cent.

The same sources made it clear that the decision to sell ex­ist­ing shares is not con­nected to the re­sults of the re­cent stress tests, but is rather aimed at fa­cil­i­tat­ing Fi­nans­bank’s cap­i­tal in­crease.

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