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National Bank of Greece agrees to sell Serbian units to OTP Banka Srbija

National Bank of Greece SA signed a definitive agreement to sell its 100% stake in Vojvodanska banka a.d. Novi Sad and NBG Leasing doo, along with a portfolio of Serbian-risk corporate loans, to OTP Banka Srbija a.d. Novi Sad.

The agreed consideration for the Greek lender's Serbian units is €125 million.

The transaction is expected to increase National Bank of Greece's common equity Tier 1 ratio by about 30 basis points by the end of 2017 and strengthen its liquidity position by about €280 million, taking into account the repayment of the intragroup debt.

The deal is subject to approvals from the Magyar Nemzeti Bank, the National Bank of Serbia, the General Council of the Hellenic Financial Stability Fund and anti-trust approvals.

OTP Bank Nyrt. is the ultimate parent of OTP Banka Srbija.

Credit Suisse International served as exclusive financial adviser to the Greek lender, while Freshfields Bruckhaus Deringer and Bojovic & Partners served as international legal counsel and local legal counsel, respectively, to the bank.