Strong in­ter­est in Na­tional’s Turk­ish unit

Kathimerini English - - Focus - YIAN­NIS PAPADOYIANNIS

Fi­nans­bank ap­pears to be a par­tic­u­larly cov­eted as­set, boost­ing the prospects of a very prof­itable sale by its par­ent group, Na­tional Bank of Greece, ahead of the Greek len­der’s re­cap­i­tal­iza­tion.

Turk­ish news­pa­per Hur­riyet re­ported yesterday that French bank So­ci­ete Gen­erale is co­op­er­at­ing with Tur­key’s Fiba­banka to sub­mit a bid for Fi­nans­bank. Ear­lier, the Fi­nan­cial Times had re­ported that Qatar Na­tional Bank and Garanti Bank, Tur­key’s sec­ond-largest pri­vate len­der, are also in­ter­ested.

An­a­lysts say that the ac­count­ing value of Fi­nans­bank stands at around 3 bil­lion eu­ros, and the buy­out of­fers are ex­pected to be close to this amount.

In the first half of the year, Fi­nans­bank re­ported a rise in prof­its to 94 mil­lion eu­ros, just as Na­tional posted losses of 159 mil­lion eu­ros.

Na­tional Bank sources told Kathimerini that the size of the stake that the Greek len­der will sell in Fi­nans­bank will de­pend on the amount that NBG will re­quire for its re­cap­i­tal­iza­tion, as will emerge from the stress tests. There­fore, the smaller Na­tional’s cap­i­tal needs turn out to be, the smaller the stake in Fi­nans­bank that will go on sale, as the Greek len­der would pre­fer to re­tain a strong pres­ence in the Turk­ish len­der.

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