NBG shareholders to approve card spin-off

The general meeting of National Bank of Greece shareholders will be asked to approve the transfer of the card acceptance and clearing activity to the new company established under the name NBG Pay, within the framework of the agreement with EVO Payments for the sale of 51%.

The bank’s management is launching the final moves of the transformation plan, the closure of which also marks the final exit from the close supervision of the European Commission’s Directorate General for Competition (DG Comp), which monitors the restructuring plan in the context of the state aid the bank received in the past.

The spin-off of the card acceptance branch is expected to be completed in the third quarter of the year, including the staffing of the company and the transfer of an apparently small number of employees who will accept their move to the new company.

The share capital of the new company amounts to 125,000 euros, divided into 12,500 common registered voting shares, with a nominal value of €10 each.

The entire activity has been valued at €310 million and the sale of 51% to EVO was agreed for €158 million.