27/10/2016

PRESS RELEASE

The NBG Group completes the sale of Astir Palace Vouliagmenis S.A.

National Bank of Greece (NBG) announces the completion of the sale of its entire stake in Astir Palace Vouliagmenis S.A. (54,537,967 common shares, i.e. 67.23%) to Apollo Investment Holdco SARL via the ATHEX for a consideration of €298.8 million.

Following the successful completion of the transaction, NBG's pro forma CET1 ratio for Q2.16 increases by approximately 46 basis points.

NBG will use the liquidity raised from the transaction to further reduce its funding from the ELA mechanism, which will have a positive impact on its cost of funding.

Regarding the Transaction, the Chair of NBG Ms. Louka Katseli made the following statement:

“For NBG, the sale of its stake in Astir has a clear strategic target: disengagement from activities unrelated to the broader financial sector – such as the tourism and hospitality sector – and full focus on its core business. The sale of Astir further strengthens the capital ratios and liquidity of the Bank.”

In his statement, the CEO of NBG Mr. Leonidas Fragkiadakis noted that:

“The closing of the sale of Astir underscores NBG's adherence to its strategy and its commitments, as well as its tangible contribution in attracting international investors to Greece. The successful completion of the transaction signals the return of investment confidence in Greece, and we aspire to foster further investment schemes of long-term horizon and interest. NBG anticipates that the investors' plans for the future development of Astir will promote this special tourist destination and will contribute to the development of Greek tourism and the wider economy.”

NBG's financial advisor in the sale was Citigroup Global Markets Ltd, while its legal advisor was Alexiou-Kosmopoulos Law Firm.