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.
Addressing an extraordinary general shareholders’ meeting, 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 that completion of Finansbank’s sale will allow National Bank to repay the biggest part of CoCos, worth 2.0 billion euros, offering benefits of around 150 million euros on an annual basis, repay the expensive Pillar 2 bonds and to gradually decouple from ELA, offering significant flexibility and higher profitability to the bank (around 100 million euros annually).
(source: ana-mpa)
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