NBG

According to Business Daily sources, the two sides have agreed to set up a joint venture to which NBG’s card POS sector will be transferred, with the US company having control of the business.

With Frontier 2, further actions from management in 2022 and the increase of bank lending, it is estimated that National Bank’s bad debts index will be close to 3 percent, ie close to the average of the eurozone banks, by the end of 2022.

The bank’s decision to close its branches and terminate its presence in Egypt was a result of the unsuccessful attempts to sell NBG Egypt due to the lack of interest.

Despite efforts by National Bank to save face by announcing that the sale price corresponds to a valuation of 505 million euros, in fact, the result is much more unpleasant: 120 million euros of the price is tied to achieving specific goals on selling bank insurance products until 2026.

At 505 million the valuation of 100% of the insurance. A significant part of the price, 120 million euros, is linked to the achievement of specific sale targets of bank insurance products by 2026.