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Greece’s National Bank to Cut Operating Costs, Naftemporiki Says

March 2 (Bloomberg) -- National Bank of Greece SA, Greece’s biggest lender, plans to reduce operating costs by 200 million euros ($266 million), Naftemporiki reported, citing a document to its employee’s association.

Three-quarters of the cuts will come from the parent company, while 50 billion euros of cuts will come from domestic units, according to the Athens-based newspaper. The bank plans to cut wage costs by 20 percent at its insurance unit, Naftemporiki said.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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