Ro­ma­nian gov’t.

Kathimerini English - - Focus -

sources close to the deal said. “It has been pub­lic that from a business point of view we would have liked to keep the in­sur­ance com­pany,” NBG’s chief ex­ec­u­tive Leonidas Fragki­adakis told Reuters. “How­ever, it’s part of our re­struc­tur­ing and we will be fo­cused on per­form­ing on our com­mit­ments. There is a process go­ing on and we are at its early stages,” he said. When asked when a deal could be reached, he said he ex­pected a sale within the year, de­clin­ing to elab­o­rate fur­ther. NBG has agreed to sell its Bul­gar­ian unit, United Bul­gar­ian Bank, to Bel­gian bank KBC Group in a 610-mil­lion-euro deal last week. It sold its Turk­ish unit Fi­nans­bank to Qatar Na­tional Bank for 2.7 bil­lion eu­ros in June. Fragki­adakis said the Greek lender, with units in Ser­bia, the For­mer Yu­goslav Re­pub­lic of Mace­do­nia, Al­ba­nia, Ro­ma­nia and Cyprus, plans fur­ther divest­ment of units abroad as part of the bank’s re­struc­tur­ing and will bet on the do­mes­tic mar­ket to re­turn to prof­itabil­ity. “I can­not com­ment on which coun­tries, but there is still fu­ture on divest­ment plans,” he said.

Ro­ma­nia’s So­cial Demo­crat-led coali­tion gov­ern­ment won a vote of con­fi­dence in Par­lia­ment yes­ter­day, as ex­pected, re­turn­ing to power af­ter a one-year break. Some econ­o­mists warn the new gov­ern­ment is likely to breach the Euro­pean Union’s ceil­ing on the pub­lic deficit of 3 per­cent of gross do­mes­tic prod­uct this year. A pre­vi­ously ap­proved re­duc­tion in value-added tax of one per­cent­age point went into ef­fect this month. Two other levies were scrapped.

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