NBG Equity (IFC-37786)

Countries
  • Greece
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 25, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NATIONAL BANK OF GREECE S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 21.93 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 20.00 million
Converted using 2015-12-25 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Dec 4, 2015

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project finances an equity investment in National Bank of Greece S.A. to support their recapitalization by participating in a share offering in accordance with the Recapitalization Framework.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

National Bank of Greece S.A. (NBG) is listed on the Athens Stock Exchange and prior to the share offering was 57% owned by the Hellenic Financial Stability Fund, 35% by international investors and 8% by domestic investors. Founded in 1841, NBG is the oldest and the third largest bank in Greece with the market shares of approximately 25% in household lending and 25% in deposits. The Bank serves more than 6 million of retail and 8,700 corporate clients through the network of more than 500 branches, 1,400 ATMs and 55,000 points of sale. NBG has considerable presence in other SEE countries, including Bulgaria, F.Y.R.O.M., Albania, Serbia, Romania and Cyprus. The Bank also operates in Turkey via the 99.8%-owned subsidiary Finansbank A.S. As of September 30, 2015, NBG had total assets of EUR110.9 billion, total customer deposits of EUR55.8 billion and total net loans of EUR63.9 billion. The Bank’s Common Equity Tier I ratio as of the same date was 9.6%.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Founded in 1841, NBG is the oldest and the third largest bank in Greece with the market shares of approximately 25% in household lending and 25% in deposits. The Bank serves more than 6 million of retail and 8,700 corporate clients through the network of more than 500 branches, 1,400 ATMs and 55,000 points of sale. NBG has considerable presence in other SEE countries, including Bulgaria, F.Y.R.O.M., Albania, Serbia, Romania and Cyprus. The Bank also operates in Turkey via the 99.8%-owned subsidiary Finansbank A.S.

As of September 30, 2015, NBG had total assets of EUR110.9 billion, total customer deposits of EUR55.8 billion and total net loans of EUR63.9 billion. The Bank’s Common Equity Tier I ratio as of the same date was 9.6%.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*No contacts available*

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/

How it works

How it works