National Bank approves spin-off of payment services activities

National Bank’s board on Tuesday approved a plan for the spin-off of its payment services and its inclusion in a newly set-up company, NBG Pay.

Completion of the transaction is due for approval by National Bank’s shareholders and NBG Pay shareholders, along with all approval by related authorities.

National Bank has signed an agreement with EVO Payments International Ltd to forge a strategic partnership in credit card acceptance. This cooperation is expected to create significant value from synergies.

EVO has a 51% majority stake in the new company, paying 158 million euros, which values NBG Pay at 310 million.