National Bank of Greece sells Cyprus operations

National Bank of Greece (NBG), the country's second biggest lender, has sold its Cyprus subsidiary as part of plans to sell off international operations and improve its capital position.

​NBG said that it has signed a definitive agreement with AstroBank Limited for the sale of its 100 percent stake in its Cypriot subdsidiary for an undisclosed amount.

"The transaction is expected to have a positive impact on NBG’s CET1 ratio," it said in a statment.

The deal is subject to approval from the Central Bank of Cyprus and the Commission for the Protection of Competition in Cyprus.

Credit Suisse International is acting as exclusive financial advisor to NBG. Freshfields Bruckhaus Deringer is acting as international legal counsel and Chryssafinis & Polyviou LLC as local legal counsel.

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