Value Investing

National Bank of Greece Issues Update on Prem Watsa’s Interest

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National Bank of Greece has received interest from Canadian value investor Prem Watsa. We reported the story about Prem Watsa’s interest in the Greek bank earlier this week. National Bank of Greece originally issued this statement:

Further to a question from the Hellenic Capital Market Commission regarding reports in today’s online press, National Bank of Greece informs investors that in the context of the requirement to recapitalize Greek systemic banks, it is considering alternative options. FAIRFAX HOLDINGS, among others, has expressed interest in participating in the recapitalization of the enlarged NBG Group.

On Friday, The National Bank of Greece has issued the following ‘response’ to Watsa via the Athens Exchange.

Further to its announcement yesterday and in reply to a more recent question from the Hellenic Capital Market Commission, National Bank of Greece wishes to make it clear that Fairfax Holdings’ expression of interest concerned participation in the amount of up to euro 1.5 billion in the recapitalization of the NBG Group. The said expression of interest remained at an early stage, given the fact that it required certain changes in the existing legal framework for recapitalization of systemic banks which, in any case, lie beyond the competence of NBG.