National Bank of Greece SA announced the completion of the sale of its 99.83% stake in South African Bank of Athens.

INTERNATIONAL - National Bank of Greece SA (“NBG”) announced the completion of the sale of its 99.83% stake in South African Bank of Athens (“SABA”) to GroCapital Holdings Limited.

GrpCapital is a consortium consisting of Afgri Holdings Proprietary Limited, Fairfax Financial Holdings Limited and Public Investment Corporation SOC Limited. 

This is based after the receipt of the required regulatory approvals from the South African Reserve Bank, the South African Ministry of Finance and  the South African Competition Authority and Competition Tribunal. 

The successful completion of the transaction, which has taken place in the context of NBG’s Restructuring Plan, increases NBG’s H1 2018 CET1 Ratio by 7 bps. 

Investec Bank Limited acted as exclusive financial advisor to NBG, while Freshfields Bruckhaus Deringer LLP and Edward Nathan Sonnenbergs Incorporated acted as international and local legal counsels respectively to NBG.