Greek Orthodox Church Threatens To Sell Its NBG Stake

13/1/2010

Greek Orthodox Church raised the issue of its representation in the new BoD of National Bank of Greece in a letter it addressed to FinMin George Papaconstantinou.

The Greek church holds a stake of at least 1.5% in NBG.

The head of its financial services A. Zampelis called for

-the new BoD to commit that it will distribute a 35% dividend.

-the bank to exit the 28 bil. euro state guarantee programme, as it doesn΄t need it

-the new BoD to consist of 15 members

-SMEs and individuals to be assisted with the necessary liquidity.

Asked if the Church will sell its stake, Zampelis said: “We do not consider this option at this point.”

When asked the meaning of the phrase “at this point,” Zampelis noted that “everything floats.”

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