National to sell Finansbank shares
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.