The Turkish subsidiary has been a treasure trove for the NBG, but the time has come to sell it off
Greece’s National Bank of Greece (NBG) announced on Tuesday that it plans to sell its entire equity participation in its subsidiary in Turkey, Finansbank, that has been a gold mine for the Greek bank in the past.
The NBG announced that the sale was in the framework of a recapitalization plan and ahead of drafting and submitting a capital drain plan. Investors were told of plans to proceed in the sale following all necessary regulatory approvals.
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