Following the approvals from the regulatory authorities (the Bank of Greece, the Competition Committee and the Capital Market''s Committee) and the fulfilment of all the remaining conditions of the share purchase agreement, the National Bank of Greece (NBG) and the shareholders of P&K Investment Services SA concluded the transaction today, signing the documents for the transfer of shares of P&K Investment Services SA (parent company of P&K Securities and P&K Mutual Fund Company) to the National Bank of Greece.
In 2006, the financial results of P&K Investment Services improved further. Profits after tax (on a consolidated level) amounted to Euro 10.3mn (+147% compared with 2005), while total shareholders'' funds reached Euro 31mn from Euro 21.4mn at the end of 2005. As a result, the total consideration for the acquisition of P&K Investment Services, which had been set at Euro 48.7mn, corresponds to 1.6x the company''s total shareholders'' funds or 4.7x its after-tax profits.
With the completion of this acquisition, the largest provider of brokerage and investment services is created in Greece, with the aim of expanding its business in all countries where NBG has a presence.