National Bank of Greece : Sale of NBG’s Egyptian Operations

National Bank of Greece S.A. ('NBG') announces the signing of a definitive agreement with Bank Audi S.A.E ('Bank Audi Egypt') for the sale of the banking operations of its branch network in Egypt, comprising mostly of Egyptian-risk loans, deposits and securities (total assets of c. €110 million), a branch network of 17 branches and c. 250 employees (together the 'Transaction'). The Transaction is being implemented in the context of NBG's Restructuring Plan and in-line with its Commitments towards DG Competition of the European Commission.

The Transaction has a marginally positive impact on NBG's capital and liquidity position.

Closing of the Transaction is subject to the approvals of the Central Bank of Egypt and the Central Bank of Lebanon.

Ernst & Young Corporate Finance is acting as exclusive financial advisor to NBG. Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny & Hennawy are acting as international and local legal counsels, respectively, to NBG.

About Bank Audi

Bank Audi sal ranks first among Lebanese banks and is among the top 20 Arab banking groups. As at 31 March 2019, Bank Audi's total consolidated assets were US$ 46.4 billion and its shareholders' equity was US$ 4.0 billion. Bank Audi's group staff headcount exceeds 6,200 employees and its shareholders' base encompasses more than 1,500 holders of common shares and/or holders of Global Depositary Receipts (GDRs) representing common shares. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.

Bank Audi Egypt is a wholly owned subsidiary of Bank Audi sal, offering a full range of products and services that cover corporate and retail banking, treasury and trade finance. Bank Audi Egypt had a network of 46 branches and employed a total of 1,454 persons as at 31 March 2019 and ranked 9th among the banks from the private sector in Egypt in terms of assets.