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National Bank of Greece sells Albanian subsidiary

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National Bank of Greece sells Albanian subsidiary

National Bank of Greece SA completed the sale of its wholly owned Albanian subsidiary, Banka NBG Albania sh.a., to American Bank of Investments, a unit of Albania-based nonbank financial institution Tranzit Finance, after receiving the necessary regulatory approvals.

The bank said the deal, which is in line with its restructuring plan, would increase its first-quarter 2018 common equity Tier 1 ratio by 11 basis points, following the capital boost it saw in the fourth quarter of 2017 after the transaction was announced in February.

American Bank of Investments was formerly known as Crédit Agricole Albania.