EU
All Greek banks seen passing #ECB stress test, #NBG says
Greek banks will pass the European Central Bank’s (ECB) stress test of their financial health, the chief executive of the country’s second-biggest lender, National Bank (NBG) NGBr.AT, said on Monday (16 April), writes George Georgiopoulos.
“All Greek banks will pass the stress tests. The results will be encouraging,” Leonidas Fragiadakis told reporters on the sidelines of a signing ceremony with the European Investment Fund on loan facilities for small businesses.
The Greek stress test, aimed at uncovering any capital shortage before Athens exits its €86 billion ($106bn) bailout, will be carried out separately from a regular stress test of other eurozone banks.
Greek banks have been recapitalized three times since a debt crisis exploded in 2010, but are still burdened by €96bn of soured debt. They have committed to targets to reduce that to €65bn by 2019.
“The Greek banking system will emerge more than OK,” Fragiadakis said.
The CEO also said NBG was looking to approach two Chinese investors over the sale of a majority stake in its insurance unit National Insurance, after a plan to sell it to Netherlands-based EXIN fell through.
“We are discussing the details of the procedure to approach the two Chinese investors so that the sale takes place as soon as possible and with a positive impact on National Bank,” Fragiadakis said.
Last month, NBG terminated a deal to sell a 75 percent stake in its insurance subsidiary to EXIN Financial Services Holding.
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