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Τετάρτη, 15 Ιουνίου 2016 21:39

National Bank announces sale details of Finansbank to QNB

National Bank’s (NBG) sale of Turkey-based Finansbank was more-or-less finalized this week, with the stake (99.81 percent) transferred to the Qatar National Bank totalling 2.75 billion euros, the former announced on Wednesday.

National Bank’s (NBG) sale of Turkey-based Finansbank was more-or-less finalized this week, with the stake (99.81 percent) transferred to the Qatar National Bank totalling 2.75 billion euros, the former announced on Wednesday.

The transfer includes NBG’s participation in Finans Finansal Kiralama A.Ş. (29.87 percent), in FinansYatırım Menkul Degerler A.Ş. (0.2 percent), and FinansPortfoy Yonetimi A.Ş. (0,02 percent). Additionally, QNB paid off a USD 910 million Tier 2 facility allocated by NBG to Finansbank.

A press release read: “NBG’s CET1 boosted by more than 600bps to 19.6% (excluding 500bps from CoCos), the highest among peers …Post the completion of the transaction, which includes the repayment of USD 910 million of subordinated debt, NBG’s liquidity is enhanced by c. €3.5bn, which will be deployed towards the reduction of costly ELA funding though Pillar II guarantees.”