Structured financing is National Bank of Greece’s (NBG) core origination, structuring and execution platform in its corporate and investment banking (CIB) business, delivering bespoke financing solutions for domestic sponsors and international investors.
Between 2018 and 2025, the division has accounted for at least 30% of CIB performing loan growth, and around 40% of CIB profitability since 2023, making it one of NBG’s main engines of revenue, balance sheet deployment and relationship growth.
A key strategic development in 2025 was the formal integration of international loan capital markets as structured financing’s fifth pillar, alongside energy, infrastructure, real estate, and leveraged and acquisition finance. This marked the shift from a primarily domestic structured finance platform into a more international architecture.
The Cyprus booking centre became an execution hub for onboarding, regulatory coordination and cross-market delivery, while the bank also prepared for a full Riyadh branch, including licensing, compliance framework, local C-suite recruitment and governance integration. The new pillar generated €2.1 billion of international business in 2025.
The structured financing team is adept at delivering innovative transactions. The €127 million total return swap for HelleniQ Energy in 2025 was the first of its kind in Greece, and was structured and executed exclusively by NBG. It allowed the client to monetise future receivables and access non-recourse liquidity through an off-balance sheet structure with simplified documentation.
Internationally, NBG acted as original bondholder and joint lead manager and bookrunner on Saudi Telecom’s $2 billion senior sukuk, a Shariah-compliant transaction under English law with dual-framework documentation. NBG is thus a key driver of innovation in Greece, bringing the sector closer in line with international standards.
A particularly complex transaction in 2025 was the $2.5 billion refinancing for Antalya Airport. NBG acted as sole hedging coordinator, the first time a Greek bank had taken that role internationally. The mandate required coordination across seven hedging counterparties in five jurisdictions, involving more than 80 alignment calls and 10 dry runs, before the execution and novation of a €2 billion interest rate hedge in a single day.
