DCM - PROGRAM FOR COVERED BONDS OF GREEK BANKS (IFC-39419)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 5, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
NATIONAL BANK OF GREECE S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 883.54 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 750
Converted using 2017-10-20 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 4, 2018

Disclosed by Bank Oct 20, 2017


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Project Description

This project invests in euro-denominated mortgage covered bonds issued by National Bank of Greece S.A.

Investment Description
  • International Finance Corporation (IFC)

The total bond issuance will be between EUR500 and EUR750 million.

The National Bank of Greece is one of the four systemic banks in Greece, with total assets or EUR70 billion as of June 30, 2017, translating into 26% market share of Greek banking sector assets. The Bank was established in 1841 and is active in retail, corporate, and private banking, asset management, insurance, treasury, capital markets and other services. Following the successful recapitalization of the Greek banks in November 2015, NBG is owned 40% by the Hellenic Financial Stability Fund (“HFSF”), while the remaining shares are held by a large number of private investors, each holding less than 5% of the Bank's ordinary share capital.

Private Actors

National Bank of Greece (NBG) is one of the four systemic banks in Greece, with total assets or EUR70 billion as of June 30, 2017, translating into 26% market share of Greek banking sector assets. The Bank was established in 1841 and is active in retail, corporate, and private banking, asset management, insurance, treasury, capital markets and other services. Following the successful recapitalization of the Greek banks in November 2015, NBG is owned 40% by the Hellenic Financial Stability Fund, while the remaining shares are held by a large number of private investors, each holding less than 5% of the Bank's ordinary share capital.

Contact Information

National Bank of Greece
Apostolos Mantzaris
Treasury
0030 210 3328 517
MANTZARIS.AP@nbg.gr
n/a
WWW.NBG.GR

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/