NBG approves spin-off of payment services

National Bank of Greece’s board approved a plan on Tuesday for the spin-off of its payment services and its inclusion in a newly set-up company, NBG Pay.

The completion of the transaction is due for approval by National Bank’s shareholders and NBG Pay shareholders, along with all approval required by related authorities.

National Bank has signed an agreement with EVO Payments International Ltd to forge a strategic partnership in credit card acceptance.

This cooperation is expected to create significant value from synergies.

EVO has a 51% majority stake in the new company worth 158 million euros, putting NBG Pay’s value at €310 million.