ATHENS, March 7 Greece's second-largest lender
National Bank (NBG) agreed to sell its entire 99.8
percent stake in its South Africa Bank of Athens (SABA)
subsidiary to AFGRI Holdings as part of an EU-approved
restructuring plan, the bank said on Tuesday.
SABA, established in 1947, provides banking services to
medium-sized local businesses. AFGRI is an agricultural,
financial services and food processing company operating in
South Africa and 14 other countries in Africa.
NBG expects the deal to close in the second half of this
year, subject to approval by regulatory authorities, increasing
its core equity tier 1 ratio by about 5 basis points and its
liquidity by about 55 million euros.
Investec Bank acted as NBG's financial adviser.
National Bank, with units in Serbia, Macedonia, Albania,
Romania and Cyprus, plans more foreign asset sales as part of
its restructuring. Late last year it sold its United Bulgarian
Bank to Belgian bank KBC Group in a 610 million euro
($645.69 million) deal.
NBG is also looking to sell its National Insurance
subsidiary, with Goldman Sachs and Morgan Stanley acting as
($1 = 0.9447 euros)
(Reporting by George Georgiopoulos, editing by Louise Heavens)