Sale of NBG stake proceeds
The government will dispose of approximately 10% of the 18.39% stake held by the state in the National Bank of Greece, preferring the scenario of keeping the remaining 8.39%, which is, after all, the only holding it currently has in a systemic bank. The baseline scenario, according to information, does not rule out the final percentage moving up or down around 2%, depending on demand.
The government’s decision is expected to be announced on Monday during a meeting of the board of directors, which will discuss National’s placement. At the meeting, the state’s representative at the board of the Hellenic Financial Stability Fund is expected speak both about the government’s official decision and its reasoning. This is an important step ahead of giving the green light to consultants JPMorgan to start exploring the market about the above stake.
The process of wall-crossing is expected to start on Wednesday, investigating, in addition to the intentions of the investors, the price they are willing to pay for 10% of National, along with the commitment that they will not trade their shares.
It should be noted that based on the information that JPMorgan has transferred to the HFSF, the market is able to absorb the state’s entire stake. A similar opinion, according to sources, has also been expressed inside the HFSF, in view of the Fund’s disbandment at the end of 2024. JPMorgan’s investigations will also show whether the decision on the disposal of a smaller percentage, i.e. around 10%, will affect the sale price too.
According to the plan, the placement is expected in the first week of October and the margins for the completion of the procedures are tight.
A draft has already been sent to the Capital Market Commission, with significant gaps, however, both for the final percentage and the price range that will be proposed for the transaction, which are expected to be filled in within days. Still, it is certain from the government’s point of view that the placement will be a combined offer in Greece and abroad.
