National Bank of Greece National Bank of Greece, NBG

National Bank of Greece (NBG) - for 2014, one of the largest and oldest banks in Greece. Headquarters - in Athens.

Owners

As of August 2014, most of NBG is owned by Greece's rescue fund HFSF, as the bank was rescued by the state during the Greek debt crisis of 2010.

Aktivs

As of March 31, 2014, the bank's network includes 531 branches and 1,400 ATMs in Greece. Outside Greece, there are 1,235 branches. The number of employees of the banking group is 35,244 people.

As of August 2014, the bank's assets include the following entities:

In Greece

• National Bank of Greece S.A.
• Ethniki Hellenic General Insurance S.A.
• NBG Securities S.A.
• NBG Asset Management Mutual Funds S.A.
• Ethniki Leasing S.A.
• Ethniki Factors S.A.
• Ethniki Kefalaiou S.A.
• NBG Pangaea REIC

In Cyprus

• National Bank of Greece (Cyprus) Ltd
• Ethniki Insurance (Cyprus) Ltd
• NBG Securities SA

In Turkey

• Finansbank
• Finans Pension
• Finans Invest
• Finans Leasing
• Finans Asset Management
• Finans Factoring

In Bulgaria

• United Bulgarian Bank AD
• Interlease EAD
• UBB Factoring
• UBB - Chartis Insurance Company AD
• UBB - Alico Life Insurance Company AD
• UBB Insurance Broker AD

In Romania

• Banca Romaneasca SA
• NBG Leasing IFN SA
• NBG Securities Romania SA
• Garanta Asigurari SA

In Macedonia

• Stopanska Banka AD - Skopje

In Albania

• Banka NBG Albania Sh.A.

In Egypt

• NBG Egypt Network

IN SOUTH AFRICA

• The South African Bank of Athens Ltd

In Britain

• NBG London Branch
• NBGI Private Equity Ltd
• NBG Securities SA

In Malta

• NBG Bank Malta Ltd

In Australia

• NBG Melbourne Representative Office

In Serbia

• Vojvodjanska Banka AD - Novi Sad (sold in 2017)
• NBG Leasing d.o.o. (sold in 2017)

History

2024: Greek government sells 10% of national bank for $812 million

At the end of September 2024, it became known that Greece was selling a 10% stake in the National Bank of Greece as part of a large-scale privatization aimed at withdrawing the state from the assets of credit institutions. The Greek Financial Stability Fund (HFSF), created to recapitalize banks as part of a program to save the Greek economy, announced a sale price range of 7.30 to 7.95 euros per share. Thus, the Greek government can receive up to €727.2 million ($812 million) from the sale.

This is a significant step in reforming the country's banking sector, as the Greek government has already sold off its stake in a number of other major lenders. Trading will be closed on October 2, 2024, which will be the final stage in the privatization of state assets, during which the government completely refused to participate in the share capital of Eurobank Ergasias Services and Holdings, Alpha Bank and Piraeus Bank. While Greece is also cutting its stake in NBG, it will retain an 8.4% stake in the bank. Earlier in November 2023, the HFSF Fund sold a 22% stake in the National Bank of Greece, which made it possible to raise €1.06 billion.

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Bloomberg

Various reforms allowed Greece's economy to develop on an upward trajectory, ahead of many European countries. In 2023, the country regained its investment status after the 2010 debt crisis, and the share of problem debt in the total loan volume of Greek banks significantly improved and approached the average for. To Europe Another sign of Greece's return to economic stability was the resumption of Greek dividend payments banks in 2024 for the first time since 2008.

By September 2024, the National Bank of Greece has 390 branches and controls about 30% of private deposits of Greek citizens.^[1]

2017: Sale of Serbian Vojvodjanska Banka for €125m

In August 2017, National Bank of Greece signed an agreement with OTP banka Serbia (OTP Group) to sell 100% in its Serbian subsidiary Vojvodjanska Banka.

As a result of this acquisition, OTP banka Serbia became the 7th largest participant in the country's market with a market share of 5.7%.

In addition to the banking institution Vojvodjanska banka, OTP Group acquires the ownership of other assets of NBG Group in Serbia, in particular, the leasing company NBG Leasing.

The cost of the acquisition, which OTP banka Serbia will pay after the transaction closes, is 125 million euros. The closing of the deal is expected to be completed by the end of 2017.

2014: Divestment

In the summer of 2014, NBG sold off assets in order to increase its capital level before European stress tests. On August 4, 2014, it became known that the private equity branches of Goldman Sachs and Deutsche Bank should soon complete the transaction to buy out the branch of NBGI Private Equity Ltd. Sources close to the situation said Goldman Sachs Asset Management and DB Private Equity were in talks with one of Greece's four major banks to buy NBGI Private Equity Ltd. The amount of the transaction should be 300 million pounds. The banks themselves did not comment on the state of affairs. A spokesman for NBG said that the bank is in the final stages of making a decision, but it has not yet been accepted^[2].

2008: $19bn write-off

In 2008, the National Bank of Greece was hit hard by the Greek debt crisis. The bank was forced to write off $19 billion.

2006: $400m US unit sale

In 2006, NBG sold its American division (Atlantic Bank of New York) to New York Community Bancorp for $400 million (€331 million) in cash.

In April 2006, the bank acquired a 46% stake in Turkish Finansbank for $2.8 billion, and in 2007 increased its stake in it to 80%.

In 2006, the bank owned 600 branches; he controlled about 30% of Greece's private contributions. The bank served the Greek government, which owns 23% of its shares. The bank is represented in 15 countries.

NBG capitalization for April 2006 - $15.88 billion.

2000-2005: Expansion in Southeast Europe, withdrawal from North America

In April 2000, in a joint deal with the EBRD and NBG, he acquired a controlling stake in Stopanska Banka (Skopje, Republic of Macedonia).

In July of the same year, the National Bank of Greece received 89.9% of the Bulgarian United Bulgarian Bank (UBB).

Expanding into Southeast Europe, the NBG simultaneously surrendered positions in North America and other regions in which it served as a bank of the Greek diaspora.

In 2005, Bank of Nova Scotia bought the entire business in Canada from NBG.

In 2005, NBG's net profit was $877.36 million, its assets at the end of the year were $72.9 billion, and its loan portfolio was $35.61 billion.

1998: Merger with National Mortgage Bank of Greece

In 1998, there was a merger with the National Mortgage Bank of Greece.

1880: Athenian Stock Exchange Offering

In 1880, immediately after the start of the work of the Athens Exchange, he placed shares on it.

1857: Merger with Bank of Athens

In 1857, the bank merged with the Bank of Athens.

1841: Founding a bank with the right to issue banknotes

It was founded in 1841 by the Swiss banker Jean-Gabriel Eynard and Georgios Stavros as a commercial bank. Stavros was elected the bank's first director and remained in that position until his death in 1869.

From its founding until 1928, when the Bank of Greece was founded, the NBG enjoyed the right to issue banknotes.

Notes