Dominant market position in Greece Strong funding profile, supported by a large and stable retail deposit base Track record of healthy returns over the past two years, driven by the successful implementation of a focused, sensible strategy Indirect ownership by the Greek state Higher credit risk profile and weaker asset-quality track record than European peers High degree of single-name concentration, despite many of the largest borrowers being public or quasi-public in nature High exposure to emerging markets, particularly Turkey The ratings on National Bank of Greece S.A. (NBG) reflect the bank's dominant position in the Greek financial system, strong funding profile and profitability, and indirect shareholding by the Hellenic Republic (Greece). NBG's higher credit risk profile than the European average
