Dominant market position in Greece and increasing geographic diversification Strong funding profile, supported by a large and stable retail deposit base Track record of strong, improving profitability over the past three years, and good prospects ahead 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 exposure to the riskier and volatile Turkish market Tolerance for tight capital levels over the medium term. The ratings reflect National Bank of Greece S.A.'s (NBG) dominant position in Greece's financial system, increased geographic diversification, strong funding profile and profitability, and successful strategy implementation. They also take into account the Greek state's (Hellenic Republic; A/Stable/A-1) indirect shareholding.
