The National Bank is holding an extraordinary general shareholders’ meeting for the approval of the sale of its subsidiary in Turkey, Finansbank.

National Bank will be the strongest bank in the Greek banking market, based on its capital and liquidity, with the aim to play a leading role in the recovery of the Greek economy and of social cohesion after completion of the sale of its subsidiary in Turkey, Finansbank, Luca Katseli, the bank’s chairman said on Monday.

Mrs. Katseli said that completion of the deal will offer a significant boost in liquidity to the bank, 3.5 billion euros, which will be distributed to fund Greek enterprises and households while at the same time it will fortify the solvency and capital adequacy of National Bank.

The Greek banker said after the completion of the sale of Finansbank National Bank will be able:

– to repay the biggest part of CoCos, worth 2.0 billion euros, offering benefits of around 150 million euros on an annual basis

– to repay the expensive Pillar 2 bonds and to gradually decoupled from ELA, ensuring significant flexibility and higher profitability to the bank (around 100 million euros annually)

– to repay a significant part of state support it has received, confirming the management’s commitment to implement an approved capital plan

– to improve the banks basic financial indexes