NBG, which is the largest bank in Greece, announced in November that it plans to complete the sale of its Turkish subsidiary. Revenues from transaction should be used to fill the capital shortfall discovered during stress tests of the European Central Bank. According to the results of the tests NBG need to raise additional capital worth 4.6 bn. Euros to cover the deficit, if realized negative scenario for the economy. If they fail to meet these needs themselves, banks will have to turn to the state stability fund, which will increase their dependence on the government.
NBG previously hoped to sell only a minority stake in Finansbank, which is its most profitable division. In recent years, the bank several times missed raised by it time to make the sale. The value of the transaction is lower than announced by NBG book value of its Turkish assets of 3.4 billion. Euros.
Earlier this year, Greece was forced to agree to a third envelope of its international creditors, after the confrontation between them and the Government of SYRIZA lead to danger the country leave the eurozone. Banks were closed for three weeks in order to prevent deposit outflows and is still in force imposed capital controls. The new package is worth 86 bn., Of which EUR 25 billion. Are intended to recapitalize the banking sector, but actually necessary funds for it may be less.