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Currently, the Greek banking system resembles a chessboard on which many opportunities are played, many combinations are possible and each player carefully considers the consequences of each movement. The name of the National Bank of Greece, the most powerful financial institution in the country, was compared since the early mention of the liquidity crisis at one moment with the chessboard importance of the king, at another with that of the queen. You can certainly say that the decision to increase its capital by 2.8 billion euros makes the institution a lion, which is preparing for a jump to take in its fair share of the banking system in Greece.

The National Bank of Greece announced that it will sell 20 percent of its stake in the Turkish Finansbank. Thus it will get a cash amount of € 1 billion. In any case, the group will retain at least 75 % stake in the Turkish Bank. The sale of 20 % of the shares will be made immediately after obtaining permission from the relevant supervisory authorities, but not later than the end of 2010.

The bank believes it will receive another € 1.7 billion from the international markets. Five banks have already guaranteed their intention to increase their share capital in the National Bank of Greece. These are Credit Suisse, Morgan Stanley, Deutche Bank, Goldman Sacks and the Greek Post Bank. A limited number of shares will be traded for new shareholders. The procedure on the international markets is expected to be completed by the end of October, 2010. So, the bank's capitalization will reach 380 basis points.

Financial analysts assess the bank's decision as an unequivocal sign that it intends to buy the state preferred shares and to gain absolute freedom of action on the banking chessboard. The management board of the institution will meet on Friday, September 10, to clarify the proceedings details for the coming weeks.

The Minister of Finance George Papakonstantinou evaluated the news as “very positive development that will restore confidence in the Greek banking system and the Greek economy as a whole.” He stressed that the government has always supported the initiatives of Greek bankers that strengthen their positions on international markets so as to be able to support the Greek economy.