The ratings on the National Bank of Greece S.A. (NBG) reflect the bank's size and powerful position in the Greek financial markets, strong liquidity, and good levels of capitalization and profitability. In addition, asset quality is on an improving trend and problem assets are now down to a manageable level. The improvement in NBG's financial profile reflects the progress made over the past three years from the restructuring and revitalization program implemented by the bank's management. NBG is the largest bank in Greece and holds a prime position in the country's financial markets, with a strong market share in lending (32%) and deposits (40%). It has the largest branch network, which is spread throughout the whole of Greece, which provides
