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National Bank of Greece to sell Albanian unit

National Bank of Greece SA agreed to sell its entire 100% stake in subsidiary Banka NBG Albania sh.a. to Albania-based American Bank of Investments SA.

The sale, terms of which were not disclosed, will be capital accretive to NBG, based on the bank's third-quarter 2017 common equity Tier 1 ratio. NBG said the transaction is part of its restructuring plan and is in line with its commitments toward the European Commission's DG Competition.

The deal is subject to customary regulatory and other approvals, including from the Banka e Shqipërisë and the Competition Authority of Albania.

UBS Ltd. is acting as exclusive financial adviser to NBG, while Freshfields Bruckhaus Deringer LLP and CR Partners are acting as international and local legal counsels, respectively. Kerameus & Partners is acting as legal counsel to American Bank of Investments.