4 April 2006

National Bank of Greece buys $2.7bn controlling stake in Turkey's Finansbank

National Bank of Greece SA, the largest bank in Greece and the biggest company by value on the Athens Stock Exchange, has agreed to pay $2.774bn for a controlling stake in Finansbank AS, Turkey's sixth-largest publicly traded bank. The investment is the Greek bank's largest and part of a recent series of purchases in Europe, including the Union Bank of Bulgaria and Banca Romaneasca.

NBG will also tender for additional shares in the Turkish bank in the second half of 2006 to gain a majority stake, and will seek shareholder approval for a €3bn rights issue to finance the acquisitions.

International law firm Freshfields Bruckhaus Deringer is advising NBG on the acquisition, as it did on the Bulgarian and Romanian purchases.

David Crook, Freshfields' corporate partner who led the team, commented: 'We are delighted to have had the opportunity to develop our relationship with NBG through a series of projects over the last few years and, in particular, to be involved in this historic transaction for them. Their aim is to create the leading south-east European banking group, and this region is also an area of growing importance for our firm.'

The Freshfields team also includes corporate associates Sebastian Lawson and Patrick Ko.

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