National Bank of Greece (NBG) is reportedly planning to divest London-based NBGI Private Equity, to beef up capital level and meet the bailout terms of the European Union (EU) and the International Monetary Fund (IMF).
Two people with knowledge of the matter were quoted by the Bloomberg News as saying that NBG has joined hands with investment bank Cogent Partners, which specializes in secondary private-equity transactions.
One sourced further told the news agency that the NBG based in Athens-based is carrying a strategic review of NBGI’s operation, which is likely to complete during the first half of this year, and it might sell NBGI or its assets.
The 84% government-owned NBG receive a €8.5bn capital infusion, due to huge losses related to European debt crisis in 2009.
Established in 2000, NBGI manages nearly €900m ($1.2bn) in European private-equity, venture and real estate funds, and has offices in London, Paris and Istanbul.