November 3, 2015 / 3:58 PM / 2 years ago

Greece's National Bank to sell Finansbank unit to boost capital

ATHENS, Nov 3 (Reuters) - Greek lender National Bank of Greece said on Tuesday it plans to cover part of its capital shortfall through the sale of its Turkish unit Finansbank, it said in an investor presentation.

The bank said it planned the sale of 100 percent of Finansbank, with the proceeds ‘to be determined’. The tangible book value (TBV) of the asset was 3.4 billion euros, it said in the presentation published on its website.

The ECB stress tests showed that the four main Greek banks had a 4.4bn under the baseline scenario and 14.4 billion under the adverse scenario. NBG’s 4.6bn shortfall is under the adverse scenario. That need shrinks to 1.576 billion under the baseline scenario. (Reporting By Lefteris Papadimas and Angeliki Koutantou)

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