Senior staff at the private equity arm of the National Bank of Greece have set up a London-based entity in preparation for a spin-off, having secured backing from units of Deutsche Bank and Goldman Sachs.

A sale or spin-off of NBGI Private Equity, the Greek bank's UK-based mid-market private equity and venture capital arm, has been a possibility for at least a year. Financial News reported in October 2013 that a sale of the unit was being considered and press reports over summer suggested a deal was close.