Greek bank plans to sell a stake in Finansbank: Report

Greek bank plans to sell a stake in Finansbank: Report

The National Bank of Greece (NBG) is adopting a new strategy for its group in Greece and abroad, including the gradual sale of a minority stake in its Turkish subsidiary Finansbank, aimed at strengthening the lender in light of new economic and banking conditions, Greek daily Ekathimerini reported July 18.

According to the story, the management of the group intends to sell a stake in Finansbank that will not exceed 40 percent. The NBG has almost all shares of Finansbank right now.

“This would allow the NBG to bolster its capital base while retaining a strong presence in the populous and dynamic Turkish market. The National group does not wish to sell all of its holding in Finansbank given that it constitutes its greatest source of profits,” the paper said.

There has not been any information about the sale of some shares of Finansbank from the NBG, Finansbank General Manager Temel Güzeloğlu said to Reuters July 18.

The NBG had previously announced that it could sell some stakes in Finansbank, but it delayed the sale by saying the conjuncture was not good to do in vain.