8/22/2008

Greece’s NBG to buy out minority stake in Finansbank

Hurriyet English - The National Bank of Greece (NBG) plans to buy out the 9.7 percent minority stake in its Turkish banking unit Finansbank. The NBG did not include any price in its statement to the Athens Stock Exchange but according to the latest market price of the Finansbank the cost of the acquiring the remaining stake is calculated to be around 450 million euros. NBG bought a 46 percent stake in Finansbank in 2006 for $2.774 billion from FIBA Holding, bringing the total value of the bank to 5 billion dollars. Under the terms of the 2006 deal, FIBA held a two year put option to sell its remaining 9.7 percent stake in Finansbank to NBG.

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