National Bank of Greece (NBG) is planning to sell a further 13% stake in its Turkish unit Finansbank by the end of 2015.
The move will include a sale of up to 800 million existing ordinary shares in Finansbank and will reduce NBG’s stake in the Istanbul-based lender from its current holding of 99.8% to 73%.
NBG will complete the sale by launching an offering of its ordinary shares through the Borsa ?stanbul (BIST), expected to be completed in April 2015.
The offering will strengthen the Greek bank’s capital base and generate additional liquidity generating a net of EUR 1bn ($1.06bn) or more.
NBG CEO Alexandros Tourkolias said: "We are pleased that Finansbank announces its intention to launch an offering of its shares through a re-IPO on the dynamic Borsa Istanbul, and we believe the offering will be supportive of the future development of Finansbank’s business."