November 26, 2019 / 4:00 PM / 13 days ago

Greece's NBG in deal to sell Cyprus unit to Astrobank

ATHENS, Nov 26 (Reuters) - National Bank (NBG) has signed a deal to sell its wholly-owned subsidiary in Cyprus to Astrobank for an undisclosed amount, Greece’s second-largest lender by assets said on Tuesday.

The sale is subject to approval by the central bank of Cyprus and the island’s competition authorities, NBG said.

NBG Cyprus has a six-branch network.

The divestment is expected to have a positive impact on NGB’s Core Tier 1 capital ratio, the bank said.

Credit Suisse advised NBG on the sale. (Reporting by George Georgiopoulos; editing by David Evans)

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