The National Bank of Greece signed Memoranda of Understanding (MoU) with EPSILON NET and its main shareholder, for the conclusion of a strategic cooperation agreement as well as for the acquisition of a minority stake in EPSILON NET, implementing the bank’s strategy to expand operations through collaborations in the field of fintech.
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What the MoUs provide
The MoU with EPSILON NET foresees the conclusion of a long-term, exclusive cooperation between EPSILON NET and NBG with the aim of joint design, development and distribution of products and services.
Among other things planned is the direct interconnection of EPSILON NET’s ERP applications with NBG’s systems, utilizing its advanced Open Banking platform in the area of Embedded Finance. Banking services and products will be made available, both to the 125,000 businesses that currently use the EPSILON NET systems, and to over 200,000 Small and Medium Enterprises – clients of NBG, as well as to Greek businesses in general. These services will respond to the modern digital needs of businesses and will promote the digital transformation of Greek SMEs by offering an excellent experience to customers. In order to align incentives to this common goal, NGE will become a minority shareholder in EPSILON NET.
Acquisition of a minority stake
Specifically, the MoU with the main shareholder Mr. Ioannis Michos provides for the acquisition by NGE of a minority interest of 7.5% of the total share capital of EPSILON NET held by the main shareholder, at a price of €7.4/share (“Initial Transaction”) as well as the possibility of obtaining from the same a further stake of 7.5% three years after the completion of the Initial Transaction. The completion of the transactions and the conclusion of the final contracts are subject to the completion of the negotiation and agreement on the terms of the final contractual texts as well as the prescribed supervisory approvals.
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