NBG has repeatedly received capital and liquidity support from Greece’s government and the Hellenic Financial Stability Fund (HFSF) since 2008, prompting the Commission to launch an investigation in July 2012.
The commission found that the measures already implemented and those envisaged in the future will enable the bank to fully restore its long term viability, while limiting the distortions of competition brought about by the state aid granted.
European Commission in-charge of competition policy vice-president Joaquín Almunia said: "Through the restructuring plan, NBG will focus its activities on the strong Greek and Turkish banking operations and improve their efficiency.
"This will ensure that the bank can continue financing the Greek economy on a sustainable basis."
Notified last month, the restructuring plan will see NBG reduce its holding in its Turkish subsidiary Finansbank to strengthen its capital position.
NBG is already implementing significant rationalisation measures, such as a voluntary staff retirement scheme, salary cuts, branch closures and further cost cutting initiatives in Greece and South Eastern Europe.
The Commission said in a statement: "Shareholders and subordinated debt holders have contributed significantly to reducing the amount of capital aid that had to be injected by the state, respectively through their participation in the successive capital increases and in the liability management exercises.
"Moreover the state aid injected did not bail out historical shareholders who have been almost completely diluted."
The Commission said that the restructuring plan was in accordance with its rules on banking restructuring during the crisis.
