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National Bank of Greece Will Pass Tests: Chairman

CNBC.com
Wednesday, 21 Jul 2010 | 10:25 AM ET

The National Bank of Greece is confident it will pass the European Union stress tests and is not looking for an increase of capital or a merger at the moment, its chairman told CNBC Wednesday.

Aris Messinis | AFP | Getty Images

"I don't know about other banks, however (with) our bank I think there is absolutely no problem," Vasileios Rapanos, chairman of the National Bank of Greece and Hellenic Banking Association, said in a phone interview. "My feeling is that other major banks of Greece will not have serious problems.

The "economic crisis in Greece does not come from banking sector," Rapanos stressed, adding that the balance sheets of Greek banks is very sound.

Despite recent press speculation, the company is not looking for an outside injection of capital or a merger, he added.

Rapanos declined to discuss what criteria would be used to test Greek banks, saying that banks will just give their data to the central bank that is conducting the test.

As long as the country's agreements with the IMF are implemented and the economy does well "it will be very good for the Greek banks," he added.

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