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National Bank of Greece completes sale of South African unit

National Bank of Greece SA completed the sale of its 99.83% stake in unit South African Bank of Athens Ltd. to GroCapital Holdings Ltd. after receiving necessary approvals from South African regulators.

The sale, which is part of the Greek lender's restructuring plan, increases its common equity Tier 1 ratio by 7 basis points for the first half of 2018, National Bank of Greece said Oct. 4.

Investec Bank Ltd. served as exclusive financial adviser to National Bank of Greece in relation to the transaction, while Freshfields Bruckhaus Deringer LLP and Edward Nathan Sonnenbergs Inc. acted as the lender's international and local legal counsels, respectively.

GroCapital is a consortium consisting of AFGRI Ltd. unit Afgri Holdings Pty. Ltd., Fairfax Financial Holdings Ltd. and Public Investment Corp. SOC Ltd.