Greece's National Bank securitises business loans to raise 300mn

ATHENS: National Bank of Greece (NBG) said on Monday it had concluded the securitisation of business loans which would allow it to raise up to 300 million euros in medium-term funding.

The bank said it would place the senior notes with the European Investment Bank, the European Investment Fund and the European Bank for Reconstruction and Development.

It was the first securitisation transaction since 2007, National Bank said.

It said the transaction sought to enhance the access of Greek small to medium sized businesses to 'affordable financing'.

Additionally, the bank said it would launch new lending for investment projects in Greece in November, covering a two year period in which more than 2,000 small to medium sized businesses and midcaps stood to benefit.