Bloomberg News

NBG Buys EBRD Stake in Romanian Unit Before Transfer, ZF Says

June 13, 2012

The National Bank of Greece SA, bought a 26 million-euro ($32.5 million) stake in its unit Banca Romaneasca SA from the European Bank for Reconstruction and Development, Ziarul Financiar reported, without saying where it got the information.

Greece’s biggest lender raised its holding in its Romanian unit by 10.2 percent to 99.3 percent with the transaction, the Bucharest-based newspaper said.

The National Bank of Greece (TELL) plans to transfer its southeastern European units to a special-purpose vehicle and try to sell a minority stake in that company to investors, which may include international lenders, such as the EBRD or the International Finance Corp., according to the newspaper.

Alpha Bank SA, Greece’s third-biggest lender, is also working on a similar plan to transfer its southeastern European units to a holding company, which will be able to attract capital from strategic investors, Ziarul Financiar said, citing unidentified banking-industry people.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus