Bloomberg News

Greece’s National Bank to Cut Operating Costs, Naftemporiki Says

March 02, 2012

National Bank of Greece SA, Greece’s biggest lender, plans to reduce operating costs by 200 million euros ($266 million), Naftemporiki reported, citing a document to its employee’s association.

Three-quarters of the cuts will come from the parent company, while 50 billion euros of cuts will come from domestic units, according to the Athens-based newspaper. The bank plans to cut wage costs by 20 percent at its insurance unit, Naftemporiki said.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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