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Greek bank rescue fund yet to decide stance in NBG stand-off
November 7, 2016 / 6:06 PM / 10 months ago

Greek bank rescue fund yet to decide stance in NBG stand-off

ATHENS, Nov 7 (Reuters) - Greece’s bank rescue fund failed to finalise its stance on board changes at National Bank (NBG) on Monday and will regroup to decide on Tuesday, an official at the fund said.

Under its third international bailout, Greece agreed to ‘de-politicise’ links between government and the banks, boost board-level expertise and improve corporate governance.

“The general council will convene again on Tuesday and final decisions will be taken,” the Hellenic Financial Stability Fund (HFSF) official told Reuters.

Last week the HFSF, which holds a 40 percent stake in NBG, temporarily stalled the appointment of a new chairman after the bank’s board voted against HFSF’s proposed candidate.

NBG’s board picked former deputy central bank governor Panagiotis Thomopoulos as its new chairman to replace Louka Katseli, a former economy minister, who resigned.

The HFSF’s pick was Dimitris Tsitsiragos, an executive at International Finance Corporation, part of the World Bank Group.

After demanding a three-day postponement before NBG’s new board is reconstituted, the HFSF fund sparked speculation of a brewing clash with NBG’s top management, particularly if it asks for an extraordinary shareholders meeting to resolve the matter.

NBG’s top management was not available for comment. (Reporting by George Georgiopoulos; Editing by Alexander Smith)

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