**EXHIBIT 8**

 

**LIST OF SUBSIDIARIES**

 
| ** **                                        | ** ** | **Country of** | ** ** | **Bank’s  Participation as at December 31,  2005** | ** ** |
|---------------------------------------------------|------------|---------------------|------------|--------------------------------------------------------------|------------|
| **Primary Operating Area**                        | ** ** | **incorporation**   | ** ** | **Direct**                                                   | ** ** | **Indirect** | ** ** | **Total** | ** ** |
| ** **                                        | ** ** | ** **          | ** ** | ** **                                                   | ** ** | ** ** | ** ** | ** ** | ** ** |
| International banking activities                  |       |                |       |                                                         |       |   |   |   |   |
| The South African Bank of Athens Ltd.             |       | South Africa        |       | 91.44                                                        | %          | 8,06 | % | 99.50 | % |
| National Bank of Greece Cyprus Ltd.               |       | Cyprus              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| Stopanska Banka A.D.                              |       | FYROM               |       | 71.20                                                        | %          | — |   | 71.20 | % |
| United Bulgarian Bank (UBB)                       |       | Bulgaria            |       | 99.91                                                        | %          | — |   | 99.91 | % |
| Banca Romaneasca                                  |       | Romania             |       | 97.14                                                        | %          | — |   | 97.14 | % |
| Investment banking and venture capital            |       |                |       |                                                         |       |   |   |   |   |
| NBG Venture Capital S.A.                          |       | Greece              |       | —                                                       |       | 100.00 | % | 100.00 | % |
| NBG Balkan Fund Ltd.                              |       | Cyprus              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| NBG Greek Fund Ltd.                               |       | Cyprus              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| ETEBA Emerging Markets Fund Ltd.                  |       | Cyprus              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| ETEBA Estate Fund Ltd.                            |       | Cyprus              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| ETEBA Venture Capital Management  S.A.            |       | Cyprus              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| NBG International                                 |       | UK                  |       | 100.00                                                       | %          | — |   | 100.00 | % |
| ETEBA Bulgaria A.D. Sofia                         |       | Bulgaria            |       | 92.00                                                        | %          | 8.00 | % | 100.00 | % |
| ETEBA Romania S.A.                                |       | Romania             |       | 100.00                                                       | %          | — |   | 100.00 | % |
| ETEBA Advisory                                    |       | Romania             |       | —                                                       |       | 100.00 | % | 100.00 | % |
| Innovative Ventures S.A. (I-Ven)                  |       | Greece              |       | —                                                       |       | 100.00 | % | 100.00 | % |
| Financial Services                                |       |                |       |                                                         |       |   |   |   |   |
| National Securities S.A.                          |       | Greece              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| Ethniki Kefalaiou S.A.                            |       | Greece              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| Diethniki S.A.                                    |       | Greece              |       | 81.00                                                        | %          | 19.00 | % | 100.00 | % |
| National Management and Organization Company S.A. |       | Greece              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| Ethniki Leasing S.A.                              |       | Greece              |       | 93.33                                                        | %          | 6.67 | % | 100.00 | % |
| Ethniki Mutual Fund Management S.A.               |       | Greece              |       | 100.00                                                       | %          | — |   | 100.00 | % |
| National Securities Cyprus (Ethnosecurities)      |       | Cyprus              |       | —                                                       |       | 100.00 | % | 100.00 | % |
| NBGI Inc.                                         |       | USA                 |       | —                                                       |       | 100.00 | % | 100.00 | % |
| NBGI Private Equity Limited                       |       | UK                  |       | —                                                       |       | 100.00 | % | 100.00 | % |
| Interlease A.D. Sofia                             |       | Bulgaria            |       | 87.50                                                        | %          | — |   | 87.50 | % |
| EURIAL Leasing SA                                 |       | Romania             |       | 70.00                                                        | %          | — |   | 70.00 | % |
| NBG Luxembourg                                    |       | Luxembourg          |       | 94.67                                                        | %          | 5.33 | % | 100.00 | % |
| NBG Luxfinance                                    |       | Luxembourg          |       | 94.67                                                        | %          | 5.33 | % | 100.00 | % |
| NBG International Holding BV                      |       | Holland             |       | 100.00                                                       | %          | — |   | 100.00 | % |

 

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| Insurance                           |   |   |   |   |   |   |   |   |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| NBG Bancassurance S.A.              |   | Greece |   | 99.70  | %      | 0.30   | %      | 100.00 | %      |
| Ethniki Hellenic General Insurance  |   | Greece |   | 76.65  | %      | — |   | 76.65  | %      |
| Business consulting                 |   |   |   |   |   |   |   |   |   |
| Ethnodata                           |   | Greece |   | 98.41  | %      | 1.59   | %      | 100.00 | %      |
| NBG Training Center S.A.            |   | Greece |   | 98.00  | %      | 2.00   | %      | 100.00 | %      |
| Ethnoplan S.A.                      |   | Greece |   | — |   | 100.00 | %      | 100.00 | %      |
| Selected non-banking participations |   |   |   |   |   |   |   |   |   |
| NBG Management Services             |   | Cyprus |   | 100.00 | %      | — |   | 100.00 | %      |
| National Real Estate                |   | Greece |   | 79.60  | %      | 4.99   | %      | 84.59  | %      |
| DIONISOS S.A.                       |   | Greece |   | — |   | 99.91  | %      | 99.91  | %      |
| KADMOS S.A.                         |   | Greece |   | 100.00 | %      | — |   | 100.00 | %      |
| EKTENEPOL Construction Company      |   | Greece |   | — |   | 100.00 | %      | 100.00 | %      |
| Mortgage, Tourist PROTYPOS  S.A.    |   | Greece |   | — |   | 100.00 | %      | 100.00 | %      |
| GRAND HOTEL SUMMER PALACE S.A.      |   | Greece |   | 100.00 | %      | — |   | 100.00 | %      |
| Hellenic Tourist Constructions S.A. |   | Greece |   | — |   | 77.76  | %      | 77.76  | %      |
| ASTIR PALACE VOULIAGMENIS S.A.      |   | Greece |   | 78.06  | %      | — |   | 78.06  | %      |
| ASTIR ALEXANDROUPOLIS S.A.          |   | Greece |   | 100.00 | %      | — |   | 100.00 | %      |
| Ethniki Ktimatikis Ekmetalefsis     |   | Greece |   | 100.00 | %      | — |   | 100.00 | %      |
| Discontinued operations             |   |   |   |   |   |   |   |   |   |
| Atlantic Bank of New York           |   | USA    |   | — |   | 100.00 | %      | 100.00 | %      |
| National Bank of Greece (Canada)    |   | Canada |   | 100.00 | %      | — |   | 100.00 | %      |

 

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