The ratings on the National Bank of Greece S.A. (NBG) continue to reflect Standard&Poor's Ratings Services view of NBG's dominant position in Greece's financial system, which gives it a funding advantage; increased geographic diversification; and resilient operating performance. Offsetting these credit strengths is our view of NBG's greater credit risk than that of its Western European peers, some funding imbalances, and high exposure to the risky Turkish market through its subsidiary Finansbank. In our analysis, we also take into account the Greek state's (Hellenic Republic; BBB+/Negative/A-2) indirect shareholding in NBG. 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
