National Bank's (NBG) board on Monday approved a restructuring plan for its subsidiaries in Southeast Europe, envisaging the creation of a holding company, which will include all banks and other financial companies of the Group operating in the region.
The plan does not include Turkey-based Finansbank, which will continue its autonomous course in the booming Turkish market.
A bank announcement said National Bank has established a strong presence in SE Europe, both in the corporate and the retail banking, operating a branch network of 600 units, with a workforce of 8,000 and assets totaling more than 9.0 billion euros. Its activities expand to Bulgaria, Romania, Serbia, fYRoM and Albania.
National Bank has also developed a network of companies offering a wide range of financial services, such as leasing, factoring, brokerage, asset management, insurance and bancassurance.
National Bank said the restructuring of its activities in the region aimed at enhancing its role in SE Europe. Shareholder restructuring will need approvals by all supervisory authorities.