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National Bank completes sale of Bulgarian subsidiaries

The transaction price represents a multiple of c.1.1x P/BV. With the successful completion of the transaction, National Banks pro-forma CET1 ratio increases by 100 bps in the first quarter of 2017. The total positive impact on NBG Group liquidity will be 900 million euros, including repayment of intra-group debt and dividend distributions by UBB to NBG since 30.9.2016.

The sale of UBB underlines NBG management?s unequivocal commitment to the successful implementation of the Bank?s Restructuring Plan and its long-term strategy to successfully act as an accelerator of the transformation of the Greek economy.

Leonidas Fragkiadakis, NBG CEO commenting on the transaction 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.?

Credit Suisse International acted as exclusive financial advisor to NBG. Freshfields Bruckhaus Deringer acted as international legal counsel and Boyanov & Co as local legal counsel to NBG.
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