When the limb is gangrenous, it is best to cut it off before it infects the entire body. That is the message EFG Group sent out with the decision to sell its 43.6% stake in Greek subsidiary Eurobank Ergasias to the National Bank of Greece (NBG).
This deal came to fruition in early October, when nine dominant Eurobank shareholders announced they were accepting an offer from NBG for shares in the enlarged bank. "They disengaged Eurobank and its negative Greek newsflow from EFG Group, to protect its Swiss private bank, EFG International," says Alex Kyrtsis, UBS European banks specialist.
