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Financials

Greece's NBG reconstitutes board with new chairman, defusing crisis

ATHENS, Nov 9 (Reuters) - National Bank (NBG), the country’s second largest lender reconstituted its board of directors on Wednesday, appointing former deputy central bank governor Panagiotis Thomopoulos as its new chairman.

Last week the country’s bank bailout fund HFSF, which holds a 40 percent stake in NBG, temporarily stalled the appointment of a new chairman after the bank’s board voted against HFSF’s proposed candidate.

The postponement had sparked speculation of a brewing clash with NBG’s top management, particularly if the fund had asked for an extraordinary shareholders meeting to resolve the matter.

NBG said the board needs the approval of the European Central Bank’s Single Supervisory Mechanismn (SSM). (Reporting by George Georgiopoulos)

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