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AGREEMENT BETWEEN NBG SA AND OTP BANK (ROMANIA) FOR THE SALE OF BANCA ROMANEASCA

Athens
27/07/2017

​National Bank of Greece S.A. (“NBG”) announces the signing of a definitive agreement with ΟΤP Bank Romania (“OTP”) for the divestment to OTP of its 99.28% stake in its Romanian subsidiary Banca Romaneasca (“BROM”) and of a portfolio of Romanian-risk corporate loans (together the “Transaction”). The Transaction is expected to increase NBG’s CET1 Ratio by c.5 bps(1) and, taking into account the repayment of the intra-group debt, strengthen its liquidity position by c.€650 million.

Leonidas Fragkiadakis, NBG CEO said: "The sale of BROM reaffirms our commitment to the successful implementation of the Bank’s restructuring plan and will further strengthen our capital ratios and liquidity position”.

Closing of the transaction is subject to approval from the National Bank of Hungary, the National Bank of Romania and anti-trust approvals.

Credit Suisse International is acting as exclusive financial advisor to NBG. Freshfields Bruckhaus Deringer is acting as international legal counsel and PeliFilip as local legal counsel to NBG.

 

 


Note 1: Impact on CET 1 ratio as of 31.03.2017