Greece's National Bank to sell real estate unit -newspaper
ATHENS Oct 8 (Reuters) - Greece's National Bank, the country's largest lender by assets, is close to clinching a deal to sell a majority stake in real estate unit Pangaia to a U.S.-Israeli fund, the Kathimerini daily reported on Tuesday.
The newspaper said the deal, part of moves to boost NBG's capital, is expected to top 500 million euros ($678.57 million)and will need the green light from the European Commission and Greece's HFSF bank rescue fund, which is the majority owner of the bank after its recapitalisation.
Greece's four biggest banks including NBG are now on the cusp of agreeing restructuring plans with the European Commission, plans which will trigger branch closures and international asset sales.
Officials at National Bank were not available for comment.
According to the newspaper, NBG will retain management in Pangaia. (Reporting by George Georgiopoulos; editing by Jason Neely)
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