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National Bank of Greece SA Absorbs Healthy Assets And Liabilities Of First Business Bank (FBB)


Saturday, 11 May 2013 03:31am EDT 

National Bank of Greece SA (NBG) announced that it will absorb the healthy assets and liabilities of the First Business Bank (FBB). On Monday, May 13, 2013 the network of the 19 branches of FBB will operate under the umbrella and the responsibility of National Bank of Greece. The healthy assets and liabilities of FBB, obtained by National Bank of Greece (based on March 31, 2013 data) relate to: EUR 1,403 million in liabilities of which EUR 1,241 million deposits and EUR 162 million other liabilities and EUR 1,498 million in assets of which EUR 1,230 million net loans and EUR 152 million other Assets. An independent audit firm will evaluate the Balance Sheet of FBB through due diligence process. The difference between the value of assets and liabilities will be covered by the Hellenic Financial Stability Fund, according to the existing procedure, which will have the effect of providing additional liquidity to NBG. The healthy part of FBB will be completely recapitalized by the Hellenic Financial Stability Fund, before its absorption by NBG. Credit Suisse Securities (Europe) Limited acted as the sole advisor to National Bank of Greece in the tender process.