HFSF to kick off National Bank stake sale next week, sources say
The country’s bank bailout fund HFSF will start the process to sell a stake of up to 12% in National Bank of Greece early next week, two officials with knowledge of the matter have said.
With the planned sale, Greece will conclude the reprivatisation 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%-12% on Monday and conclude by Wednesday,” one of the officials told Reuters.
HFSF holds an 18.4% stake in National Bank (NBG), the country’s second largest lender by market value. The remainder will be transferred to the state’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% stake at about €900 million.
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, Alpha Bank, Piraeus Bank and part of its stake in NBG earlier this year and late in 2023. [Reuters]
