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 and its high exposure to emerging markets, particularly Turkey, through its subsidiary Finansbank, however, offset these strengths. NBG holds a prime position in Greece's banking system, with a strong franchise and brand name. In addition, it has a large and loyal customer base, which offers attractive growth opportunities and provides the bank with an enormous competitive advantage in terms of funding. NBG's successful implementation of its strategic plan has strengthened its financial profile. Focus on retail banking, noncore asset
