**EXHIBIT 8**

**LIST OFSUBSIDIARIES**

 

| ** **                                         | ** ** | ** ** | ** **   | **Bank’s Participation as at   December 31, 2006** | ** ** |
|----------------------------------------------------|------------|------------|--------------|----------------------------------------------------------------------------------|------------|
| **Primary Operating Area**               | ** ** | ** ** | ** **   | **Country of 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      |                                                                             |       | 88.71 | % |   | — |   |   | 88.71 | % |
| Finansbank SA                                      |       |       | Turkey       |                                                                             |       | 46,00 | % |   | — |   |   | 46,00 | % |
| Vojvodjanska  Banca A.D. Novi Sad                  |       |       | Serbia       |                                                                             |       | 99,43 | % |   | — |   |   | 99,43 | % |
| Investment  banking and venture capital            |       |       |         |                                                                             |       |   |   |   |   |   |   |   |   |
| NBG Venture  Capital S.A.                          |       |       | Greece       |                                                                             |       | — |   |   | 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 | % |
| Innovative  Ventures S.A. (I-Ven)                  |       |       | Greece       |                                                                             |       | — |   |   | 100.00 | % |   | 100.00 | % |
| Financial  Services                                |       |       |         |                                                                             |       |   |   |   |   |   |   |   |   |
| National  Securities SA.                           |       |       | 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     |                                                                             |       | 100.00 | % |   | — |   |   | 100.00 | % |
| 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 | % |
| NBGI Private  Equity Funds                         |       |       | UK           |                                                                             |       | 100.00 | % |   | — |   |   | 100.00 | % |
| Insurance                                          |       |       |         |                                                                             |       |   |   |   |   |   |   |   |   |
| NBG Bancassurance  S.A.                            |       |       | Greece       |                                                                             |       | 99.70 | % |   | 0.30 | % |   | 100.00 | % |
| Ethniki Hellenic  General Insurance                |       |       | Greece       |                                                                             |       | 76.74 | % |   | — |   |   | 76.74 | % |
| Business  consulting                               |       |       |         |                                                                             |       |   |   |   |   |   |   |   |   |
| Ethnodata                                          |       |       | Greece       |                                                                             |       | 98.41 | % |   | 1.59 | % |   | 100.00 | % |
|                                                    |            |            |              |                                                                                  |            |  |  |  |  |  |  |  |  |  |  |

1

----

 

| NBG Training  Center S.A.            |   |   | Greece |   |   | 100.00 | %      |   | — |   |   | 100.00 | %      |
|--------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Ethnoplan S.A.                       |   |   | Greece |   |   | — |   |   | 100.00 | %      |   | 100.00 | %      |
| Selected  non-banking participations |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NBG Management  Services             |   |   | Cyprus |   |   | 100.00 | %      |   | — |   |   | 100.00 | %      |
| 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  | %      |
| Ethniki Ktimatikis  Ekmetalefsis     |   |   | Greece |   |   | 100.00 | %      |   | — |   |   | 100.00 | %      |

 

2

----