Turkish Finansbank offering approval request withdrawn

Turkey’s Capital Markets Board said the request of Turkey’s Finansbank, a unit of National Bank of Greece (NBG), for approval of a share offering had been withdrawn.

The move, announced in the board’s weekly bulletin, came after brokerage Finans Invest said the offering was planned to be held at a later date when market conditions were more appropriate.

NBG postponed the Finansbank share offering in March as valuation concerns sidelined a $275 million deal seen as critical for Greece’s top lender to meet European regulations.

Under a restructuring plan approved by European regulators, NBG needed to sell 40 percent of its stake in Finansbank, a rare bright spot as NBG was hit by Greece’s debt crisis and recession.

Finansbank, 99 percent owned by NBG, helped its parent to report a third-quarter profit last year, contributing more than 100 million euros ($108 million) to group earnings.

Reuters

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