Dominant market position in Greece Strong funding profile, supported by a large and stable retail deposit base Meaningful progress in profitability, driven by the successful implementation of a more focused, sensible strategy Indirect ownership by the Greek state Higher credit risk profile and weaker asset-quality track record than those of European peers High degree of single-name concentration Challenges raised by the recently announced acquisition of Turkey-based Finansbank The ratings on National Bank of Greece S.A. (NBG) reflect the bank's dominant position in the Greek financial system, strong funding profile, meaningful improvement in profitability and indirect state shareholding (Hellenic Republic; A/Stable/A-1). Offsetting these positives are NBG's higher credit risk profile than the European average and the implications of its upcoming entrance
