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National Bank to set up subsidiary for SE European units

30. April 2012. | 11:12

Source: AMNA

National Bank’s chief executive, Apostolos Tamvakakis, on Thursday expressed optimism over political developments in Greece, saying the country will have a stable government after the May 6 general elections.

National Bank’s chief executive, Apostolos Tamvakakis, on Thursday expressed optimism over political developments in Greece, saying the country will have a stable government after the May 6 general elections.

Speaking to reporters on the sidelines of an event organised by the bank to award innovative business ideas, Tamvakakis said the final bank recapitalisation plan will be ready after the elections.

Commenting on National Bank, he said the bank will continue its efforts to boost its capital adequacy and noted that nothing has changed over a decision to sell a minority equity stake in its subsidiary in Turkey, Finansbank, although he stressed that this will happen when market conditions allow it.

Tamvakakis said National Bank will present in the next four months NBG International, a new subsidiary which will take under its umbrella all group subsidiaries in Southeastern Europe (except Turkey) and noted that the bank was examining a plan to sell a minority stake in the new company.

The Greek banker said National Bank was moving towards selling its Astir Vouliagmeni resort through an international tender.

Meanwhile, OTOE, the Federation of bank employees, urged all commercial banks – both private and state-owned along with cooperative banks - to participate in a recapitalisation plan envisaged by a PSI programme.

In a letter sent to all political parties, OTOE also urged for new regulatory framework to protecting borrowers, protecting employment in the banking sector and ensuring that banks continued to support economic growth.


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