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Greek national bank whittles down bidders for Private Equity arm

24 Jun 2014

greek greece flagGreece’s national bank has reportedly whittled down bidders interested in its London-based buyout unit amid reviewing second round offers.

The firm has rooted out three-quarters of the initial parties expressing interest in NBGI Private Equity according to the bank’s deputy chief executive Petros Christodoulou, who spokes to Reuters.

He added that the sale was likely to be completed by the end of September.

AltAssets reported in January that the National Bank of Greece was eyeing the sale of its PE arm in an attempt to raise capital.

The bank was bailed out by the Greek Government to the tune of €8.5bn, putting the bank into 84 per cent public ownership.

NBGI PE lost its UK head last August, 13 years after he helped found the business.

Earlier in the year it revealed it was increasing its strategic focus around the three core sectors of support services, healthcare and food manufacturing.

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