National Bank of Greece

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NBG

Fitch downgrades Greek banks

Fitch Ratings piled on the recent bad news for the Greek economy this week by downgrading Greece's systemic banks, including the market leader National Bank of Greece.

The move comes after a March 27 decision by the same ratings company to downgrade the country's sovereign rating.

Greece must pay tranche for derivative on Friday

Payments on a swap originally arranged by Goldman Sachs Group Inc in 2001 are due on Friday, said a person familiar with the matter who asked not to be identified publicly.

The derivative, now held by the National Bank of Greece, masked the country?s growing debt, helping it meet European Union rules for entering the euro area.

Greece's NBG to sell stake in Finansbank in April

Finansbank, 99.8 percent of which is owned by National Bank of Greece (NBG), has announced its intention to launch an offering of its ordinary shares listed on Turkey?s main stock exchange, Borsa Istanbul.

In a statement to Public Disclosure Platform (KAP) on March 11, Finansbank said the offering is expected to be completed in early April, subject to market conditions.

Two Greek banks dropped from top European equity index

Greek lenders Bank of Piraeus and Eurobank will drop out of the pan-European STOXX 600 benchmark, index compiler STOXX said, potentially depriving them of investment flows at a rocky time for Greek's economic future.

Despite a recent rebound, shares in the two banks are down around 65 percent since February 2014, hurt by worries over Greece's debt pile.

Some 32.5 bln fled abroad on fears of Grexit

By Leonidas Stergiou

The amount of capital that was transferred out of Greek banks between late 2009, when the extent of Greece’s economic troubles started emerging, and ended in June 2012 as confidence in Greece began being restored, amounted to about 115 billion euros, a recent National Bank of Greece survey showed.

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