L. Katseli – National: The sale of the Star further strengthens the capital indicators

Completed the transfer of the entire shareholding of the National Bank in “Astir Palace Vouliagmeni FDI” (54.537.967 ordinary shares or percentage of 67,229%) to the…
Apollo Investment Holdco SARL through the Athens stock Exchange, compared with 298.8 million. euro.
As pointed out in an announcement of the National Bank, with the successful completion of the transaction, the proforma index CET1 of the MIP for the β’τρίμηνο of 2016 is increased by approximately 46 gb.
The EIB will make use of the liquidity that was pumped from the transaction in order to further reduce the funding from the mechanism of ela (“ELA”), with a positive impact on the cost of funding.
On the transaction, the Chairman of the BOARD of directors of the EIB, mrs. Louka Katseli said:
“For the National Bank, the sale of shares hitherto held in the Star has a clear strategic orientation: The disengagement from business activities that are not related to the wider financial sector, such as the tourist-hotel industry, and the unwavering commitment to and focus on main activities.
The sale of the Star further enhances their capital ratios and the liquidity of the National”.
The Ceo of NBG, mr. Leonidas Fragkiadakis said: “The completion of the sale of the Star highlights the commitment of the National Bank in implementation of the strategy and of its commitments as well as its practical contribution to attracting international investment to our country.
The successful completion of the transaction marks the return of investor confidence in Greece and we hope to encourage other investment schemes long-term horizon and interest.
The expectation of the National Bank that the implementation of the plans of the investors for the future development of the Star will show off this truly special destination, thus contributing to the development of Greek tourism and the wider economy”.
Financial advisor of the EIF was the Citigroup Global Markets Ltd and legal advisor for the sale of the office Alexiou-Kosmopoulos.
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