National Bank of Greece to Sell Turkish Lender to Qatar BankBy
LONDON — National Bank of Greece said on Tuesday that it had agreed to sell a majority stake in Finansbank of Turkey to Qatar National Bank for 2.75 billion euros, or about $3 billion.
The Greek bank began exploring “strategic options” for its Turkish business last year after the European Central Bank identified a capital shortfall at National Bank of Greece and at other Greek lenders. More recently, the European Central Bank said that National Bank of Greece and the country’s three other biggest lenders still needed to raise a total of nearly $16 billion to have sufficient reserves against potential losses.
Qatar National Bank would acquire a 99.81 percent stake in Finansbank under the terms of the deal announced on Tuesday. As part of the transaction, it would also repay $910 million of debt extended to Finansbank by National Bank of Greece…
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