State to sell new NBG stake
The government is aiming to allocate 10% of the total 18.39% still controlled by the Hellenic Financial Stability Fund (HFSF), so as to keep the remaining 8% for disposal to any interested strategic investor, sources have told Kathimerini. They add that the public offering for the 10% stake is expected in the first week of October.
The relevant decisions are expected to be finalized by mid-September, in order to start the preparation procedures for the placement, which will be a combined offer in Greece and abroad. A similar procedure was followed last year during the disposal of 22%, providing the opportunity to participate in the public offering in Greece and to private investors.
Based on that timetable, the process should start right away, so that the placement takes place at the beginning of October, which is the time window that intervenes before the announcement by the bank of the results of the third quarter on November 5.
Holding a stake of around 8% – if so decided – is projected according to the same sources as an option that could attract a strategic investor. However, as noted, nothing is concrete to date. At the moment, apart from the main major shareholder HFSF, which controls 18.39%, another 5.06% is held by Capital Group Companies and the possibility of a concession to a strategic investor creates the conditions for the existence of a more solid shareholder base, after the complete divestment of the fund.
However, the situation favors the comfortable absorption by the market of the percentage that will be put up for sale, as the shares of National Bank of Greece are mentioned among the top picks of analysts and investment firms with a target price that even exceeds 10 euros.
On Monday the bank’s shares closed at €7.97 and compared to a year ago the increase reached about 25%, raising the total capitalization of National Bank to €7.3 billion.
The previous placement took place in November 2023 at a price of €5.30 per share and the revenues of the state amounted to €1.06 billion.
