Greece to kick off National Bank stake sale next week, according to reports
Greece’s bank bailout fund HFSF will start the process to sell a stake of up to 12 per cent in National Bank of Greece (NBGr.AT) early next week, two officials with knowledge of the matter said on Tuesday.
With the planned sale, Greece will conclude the re-privatisation of its banks, which were bailed out during a debt crisis that nearly drove the country out of the eurozone.
“Our plan is to start the process for the sale of 10 per cent-12 per cent on Monday and conclude by Wednesday,” one of the officials told Reuters.
HFSF holds an 18.4 per cent stake in National Bank (NBG), Greece’s second largest lender by market value. The remainder will be transferred to Greece’s sovereign wealth fund.
“The shares will be offered at a small discount to the current market price,” the official added.
NBG shares were trading at 7.64 euros on Tuesday, valuing a 12 per cent stake at about 900 million euros ($1 billion).
A second official confirmed the timing of the sale, adding the shares would be sold through a combined offering to institutional investors abroad and to domestic institutional and private investors.
The fund sold its holdings in Eurobank (EURBr.AT), Alpha Bank (ACBr.AT), Piraeus Bank (BOPr.AT) and part of its stake in NBG earlier this year and late in 2023.