National Bank of Greece S.A. (“NBG”) entered into a definitive agreement with KBC Group (“KBC”) for the divestment to KBC of its 99.91% stake in its Bulgarian subsidiary United Bulgarian Bank A.D. (“UBB”) and its 100% stake in Interlease E.A.D. (the “Transaction”).
The agreed consideration for the Transaction amounts to €610 million.
The sale of UBB reaffirms NBG’s management commitment to the successful implementation of the Bank’s restructuring plan.
Leonidas Fragkiadakis, NBG CEO said: "After almost 15 years of successful presence in Bulgaria, NBG divests from UBB and Interlease to deliver on its commitment to the shareholders and the European Authorities. The Transaction further strengthens NBG’s position in terms of capital and liquidity, allowing for the redeployment of resources to support the Greek economic recovery. I am pleased that the new owner of UBB, KBC, a strong and reliable counter-party, will continue to grow and develop the bank, in line with its strategy to become a leader in the Bulgarian market.”
Closing of the transaction is subject to regulatory approval from the Bulgarian National Bank (“BNB”) and the Financial Supervision Commission of the Republic of Bulgaria (“FSC”), authorisation by the National Bank of Belgium (“NBB”) / the European Central Bank (“ECB”) and anti-trust approval.
Interlease team