Greek National Bank’s Sale of South African Unit Approved

South Africa’s competition watchdog announced it had given a green light to the sale of the South African Bank of Athens (SABA), owned by Greece’s National Bank (NBG), to a subsidiary of AFGRI Holdings and Fairfax Africa Investment.

Greece’s second-largest lender agreed in March to sell all its 99.8% stake in SABA to AFGRI Holdings as part of an EU-approved restructuring plan.

The Competition Tribunal said it had approved the merger on Tuesday, giving GroCapital control of SABA, with South Africa’s finance minister indicating he will not oppose the merger.

SABA, established in 1947, provides banking services to medium-sized local businesses. AFGRI is an agricultural, financial services and food processing company operating in South Africa and 14 other countries in Africa.

National Bank sold its United Bulgarian Bank to Belgium’s KBC Group, in a 610 million euro ($720 million) deal late last year.