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NBG Group announces the completion of the sale of its Serbian Operations

Athens
01/12/2017

National Bank of Greece S.A. (“NBG”) announces the completion of the sale of its 100% stake in its Serbian subsidiaries Vojvodjanska Banka AD (“VOBAN”) and NBG Leasing doo (“NBG Leasing”) for a consideration of €125 million and of a portfolio of Serbian-risk corporate loans (together the “Transaction”), following receipt of the required regulatory and anti-trust approvals.

The consideration represents a multiple of c. 0.75x P/TBV(1) .The successful completion of the Transaction increases NBG’s Q3.17 CET1 Ratio by +44bps, following the capital impact already booked in Q2.17 upon signing of the Transaction. The positive impact on ΝBG’s Group Liquidity, including repayment of intra-group debt, is c.€270 million.

 

Credit Suisse International acted as exclusive financial advisor to NBG. Freshfields Bruckhaus Deringer acted as international legal counsel and Bojovic & Partners as local legal counsel to NBG.

 

Note 1: Based on the Τangible Book Value of 31.12.2016