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Goldman, Deutsche Bank to Buy National Bank's Buyout Firm

National Bank of GreeceThe private-equity units of Goldman Sachs Group Inc. and Deutsche Bank AG are reaching an agreement to purchase the buyout arm of National Bank of Greece SA.
As reported in Bloomberg, Goldman Sachs Asset Management and DB Private Equity intend to pay Greece’s largest lender about 300 million pounds (506 million dollars) for NBGI Private Equity Ltd., which is about a third less than the bank originally invested.

NBGI’s Chairman and Chief Executive Officer Pavlos Stellakis is negotiating to remain with the London-based unit after the deal is completed. According to a document presented by Bloomberg in April, 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, spokesman for the National Bank, said on Tuesday. Spokesmen for Goldman Sachs, Deutsche Bank and NBGI haven’t yet made any comment.

The National Bank of Greece, which is largely owned by Greek taxpayers after a 8.5 billion-euro bailout last year, is selling assets to increase its capital before European stress tests.
Stellakis has presided over the buyout arm for more than a decade receiving a $3.8 million bonus in 2009. He has properties in London, New York and the south of France as well as luxury cars including a Bentley and two Porsches.

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