The ratings on the National Bank of Greece S.A. (NBG) continue to reflect Standard&Poor's Ratings Services view of the bank's dominant position in Greece's financial system, increased geographic diversification, sound funding profile, strengthened operating performance , and the Greek state's (Hellenic Republic; A-/Stable/A-2) indirect shareholding in NBG. Offsetting these credit strengths are NBG's greater credit risk than Western European peers', and high exposure to the risky Turkish market through its subsidiary Finansbank. NBG enjoys a strong franchise and brand name in Greece. It serves a large, loyal, and underpenetrated customer base, which offers long-term attractive growth opportunities and gives NBG an enormous competitive advantage in funding. NBG has experienced a significant transformation in the past few years, which
