National Bank of Greece (NBG) will withdraw from several markets in Southeastern Europe, including Romania where it owns Banca Romaneasca, following an agreement with the European Commission’s competition authorities, according to Greek publication ekathimerini.com.

Under the agreement, the NBG will hold on to its majority stake of 60 percent in Turkish subsidiary Finansbank, but the remaining 40 percent will be sold to investors in two stages by the end of 2017.

Also, the Greek lender will have to withdraw its operations in Romania, Bulgaria, Serbia, the Former Yugoslav Republic of Macedonia and Albania.

Banca Romaneasca had total assets worth EUR 2 billion at the end of 2012, down 14 percent against the previous year, according to NBG’s financial report.

At the end of last year, the bank’s network totaled 134 branches and 153 ΑΤΜs.

Besides Banca Romaneasca, NBG also runs NBG Leasing, NBG Securities and Garanta Asigurari in Romania.

Irina Popescu, irina.popescu@romania-insider.com