[ALBSA-Info] Greek Bank in Macedonia

[Asti Pilika]

National Bank of Greece buys Macedonian bank
          
   SKOPJE, Dec 21 (AFP) - An accord was signed here
Tuesday for  
National Bank of Greece (NBG) to take a controlling
stake in leading 
Macedonian institution Stopanska Banka, a statement
said. 
   The European Bank for Reconstruction and
Development (EBRD) and  
the International Finance Corporation (IFC) will also
take stakes in 
Stopanska, the country's dominant bank. 
   Macedonian Finance Minister Boris Stojmenov and
representatives  
of NBG, the EBRD and the IFC signed the accord,
according to a joint 
statement. 
   NBG will acquire a majority stake of 68.4 percent
for a total  
investment of up to 117 million German marks (60
million dollars, 
euros), while the EBRD and IFC will each take a stake
of up to 10.5 
percent worth 18 million mark (9.2 million dollars,
euros). 
   Stopanska Banka is the largest full-service bank,
and at the end  
of 1998 handled about 35 percent of the country's
payment 
operations. 
   "The presence of the EBRD and IFC alongside NBG as
a strategic  
investor will boost confidence in Macedonia's banking
system," Henry 
Russel, EBRD's director for Macedonia, said in the
statement. 
   He added that as "the first bank to be privatised
with a  
strategic foreign investor, it will help to attract
further foreign 
investments in the country." 
   NBG deputy governor Apostolos Tamvakakis said the
investment  
"amply demonstrates NBG's firm commitment to
Macedonia's economic 
growth and development."

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