NBG to sell Finansbank to recapitalize

Published 04.11.2015 22:34

The National Bank of Greece (NBG) has announced its intention to sell its Turkey affiliate, Finansbank, the bank said in a statement on Wednesday. Finansbank reported in a regulatory news statement to the Borsa Istanbul stock exchange that the NBG announced the sale. The funds from the sale are intended to be used for the recapitalization of the Greek bank, which is to receive further shoring-up funds under the terms of the Greek government's bailout agreement with its European creditors.

NBG plans to sell its entire stake in the Turkish bank, and two bidders have reportedly begun negotiating for it. In early October, Qatar National Bank (QNB) said in a statement that it was holding preliminary talks to buy Finansbank. Turkish media also reported in October that Hüsnü Özyeğin, owner of Fiba Holding and former owner of Finansbank, also seeks to buy back the bank. Finansbank reported a profit of TL 504 million ($178 million) in the first half of 2015.

Share on Facebook Share on Twitter