Goldman, Deutsche Bank Said Near Deal for National Bank of Greece Buyout Firm
The private-equity units of Goldman Sachs and Deutsche Bank are nearing an agreement to purchase the buyout arm of National Bank of Greece SA.
Goldman Sachs Asset Management and DB Private Equity are in talks to pay Greece’s largest lender about 300 million pounds ($506 million) for NBGI Private Equity Ltd.
NBGI’s management, headed by Chairman and Chief Executive Officer Pavlos Stellakis, is in negotiations to remain with the London-based unit after the deal is completed, though no final decision has been made.
The business has underperformed similar buyout firms, with 10 of its 11 funds projected to lose about 25 euros for every 100 euros invested.
“We’re in the final stage, but there hasn’t been any decision,” Dimitris Spyropoulos, a spokesman for Athens-based National Bank, said yesterday.
National Bank, majority owned by Greek taxpayers after a 8.5 billion-euro bailout last year, is selling assets to boost capital before European stress tests.
Stellakis has presided over the buyout arm for more than a decade and received a $3.8 million bonus in 2009 — the same year National Bank got its first state rescue.
Source: bloomberg
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