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Binding offers for National Insurance expected in May

National Bank disbursed new loans worth 3.0 billion euros in 2019 and expects loan disbursement to move around these levels in 2020 as well, financing enterprises and households. Mylonas said a negative climate has been reversed and that demand for new loans has begun.

The sale procedures of National Insurance is in full swing, National Bank’s CEO Pavlos Mylonas said on Thursday. Speaking to reporters, the Greek banker noted that binding offers are expected to be submitted in March for the acquisition of 80 pct in National Insurance. Three groups have already submitted non-binding offers and the sale procedure is expected to be completed this year.

Mylonas expressed his satisfaction over the course of reducing National Bank’s non-performing loans. The bank plans to reduce its NPLs to 5.0 billion euros in 2020, from 22 billion in 2015, with the securitization plan projected to exceed 6.0 billion euros.

National Bank disbursed new loans worth 3.0 billion euros in 2019 and expects loan disbursement to move around these levels in 2020 as well, financing enterprises and households. Mylonas said a negative climate has been reversed and that demand for new loans has begun.

He noted that a voluntary exit programme was expected to be completed in the first 10 days of February and that another similar programme would be launched. Commenting on the digital transformation of banks, Mylonas said that both international and in Greece the trend was to strengthen the advisory role of banks’ branch network as the majority of transactions will be made electronically.

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