HFSF challenges Thomopoulos’s NBG appointment

There seems to be no end to the administration crisis at National Bank of Greece, as immediately after Panayiotis Thomopoulos was elected the group’s new president on Wednesday, the Hellenic Financial Stability Fund, NBG’s main stakeholder, stated it had voted against him and is examining the option of calling an extraordinary general meeting.

Sources tell Kathimerini that the HFSF intends to meet again in the coming days to decide on its next moves. If the bank bailout fund insists on calling an general meeting, this will concern more extensive changes to the bank’s governing board.

The NBG board voted to appoint the former Bank of Greece deputy governor as the successor of Louka Katseli, who resigned last week, by 12 votes to one. Despite the HFSF’s disagreement, both new president Thompoulos and chief executive officer Leonidas Fragkiadakis spoke of the need to strengthen cooperation with the fund.

The HFSF stated later on that, “in accordance with the decision of its General Council, the Fund is examining the possibility of convoking an Extraordinary General Meeting, taking into account that the smooth cooperation between the board of the bank and its main shareholder is crucial.”