December 30, 2016 / 5:58 PM / a year ago

Greece's National Bank agrees sale of Bulgarian unit to KBC Group

ATHENS, Dec 30 (Reuters) - Greece’s National Bank agreed to sell a 99.1 pct stake in its Bulgarian unit United Bulgarian Bank (UBB) and its fully-owned leasing subsidiary Interlease EAD to Belgian bank insurer KBC group, National Bank said on Friday.

National Bank will receive 610 million euros ($642.45 million) for the transaction, while UBB plans to make a 50 million euro dividend distribution to the Greek lender ahead of the transaction and after an approval by its annual general assembly, the bank said.

The sale of UBB is part of National Bank’s restructuring plan. ($1 = 0.9495 euros) (Reporting by Angeliki Koutantou; editing by Susan Thomas)

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