National Bank of Greece S.A. (NBG) is selling its entire stake in its subsidiary, South African Bank of Athens (SABA), to AFGRI Holdings Ltd.
The deal is in alignment with NBG’s plan to restructure and is expected to close in the second semester this year. The deal is also subject to regulatory approval from the South African Reserve Bank, the South African Ministry of Finance and the South African Competition Commission and Competition Tribunal, according to the NBG website.
NBG's liquidity is expected to be boosted by $58.8 million after the deal is complete.
SABA was established in 1947 and is based in South Africa. SABA offers services medium-sized businesses.
AFGRI is a South African company that offers agricultural and financial services and also processes food. It operates through Africa and has locations in the United States, United Kingdom and Australia.
National Bank of Greece sells its shares in South African Bank of Athens