National Bank (NBG) signed a deal to sell a 99.1 percent stake in its Bulgarian subsidiary United Bulgarian Bank (UBB) and 100 percent of its leasing subsidiary Interlease EAD to Belgian bank insurer KBC group, the bank said on Friday.
In a press release, National Bank said it will receive 610 million euros for the transaction, while UBB will make a 50-million-euro dividend distribution to the Greek lender ahead of the transaction and after an approval by its annual general assembly.
The sale of UBB reaffirms the lender’s commitment to implement fully NBG’s restructuring plan, the bank added.
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