Finansbank to accept bids until end of month

DAILY SABAH
ISTANBUL
Published 09.11.2015 21:58
Updated 09.11.2015 21:59

Turkey's Finansbank, owned by National Bank of Greece (NBG), will be accepting bids to sell its shares until the end of this month, Reuters reported Monday. The biggest bank of debt-troubled Greece, the NBG announced last week that Finansbank will be sold to close the NBG's capital deficit, which is determined in the stress tests of the European Central Bank. The NBG also said the carrying amount of Finansbank is 3.4 billion euros; however, it didn't announce the sale price.

According to Reuters's sources, Finansbank has received two potential proposals, and final offers will be made at the end of this month. The sale is not expected be completed until the end of the year. Potential investors were also reported to include Qatar National Bank, Garanti Bank and Fibabank. The NBG, which is receiving consultancy services from Goldman Sachs and Morgan Stanley, has a capital deficit of 4.6 billion euros, according to the stress tests.

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