“National Bank” subsidiary in Turkey sold to Qatar National Bank

“National Bank” subsidiary in Turkey sold to Qatar National Bank

Athens, December 21, 2015/Independent Balkan News Agency

By Olga Mavrou

“National Bank”, in an effort to improve its sustainability, accepted the offer of the Qatar National Bank for the purchase of Finansbank, the Greek bank’s subsidiary in Turkey, for 2.75 billion euros.

With this sale, National Bank of Greece will leave the Turkish market after 9 years, but at the same time will be the strongest banking group in Greece and will be less dependant on ELA for its liquidity.

Qatar National Bank is buying 99% of the shares and will also pay off the subordinated debt of 910 million dollars that the Turkish subsidiary owed to the “National Bank” of Greece.