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Top Greek Lender To Speed Up Turkish Exit

22.10.2014 18:36

Greece's biggest lender in terms of assets, the National Bank of Greece (NBG), revealed new plans on Wednesday that would help accelerate its partial exit from a profitable Turkish unit. NBG said in a statement that its Turkish unit, Finansbank, has submitted a plan to capital market authorities to raise.

Greece's biggest lender in terms of assets, the National Bank of Greece (NBG), revealed new plans on Wednesday that would help accelerate its partial exit from a profitable Turkish unit.

NBG said in a statement that its Turkish unit, Finansbank, has submitted a plan to capital market authorities to raise up to TL 715 million ($318.91 million) via an issue of new shares. NBG aims to reduce its current stake in Finansbank to 60 percent by the end of 2015, based on a restructuring plan approved by the EU. Turkey's Fiba Group sold 99.8 percent of its shares in Finansbank to NBG for $5.5 billion back in 2005. NBG said the share offering, without pre-emptive rights for Finansbank shareholders, will be made via a public offering and a private placement. Following the bank's statement on Wednesday, Finansbank shares traded more than 5 percent higher on Borsa İstanbul (BIST).

(Cihan/Today's Zaman)



 
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