State gets 690 mln euros from NBG stake
State revenues to date from the privatizations of the four systemic banks amount to 3.5 billion euros, after this week’s sale of 10% of National Bank of Greece, which raked in a total of €690.1 million.
In addition to 10% of National, the state collected €1.07 billion from the sale of 22% of the same bank last November, €1.35 billion from the sale of 27% of Piraeus Bank in March 2024, €293.5 million from the sale of 9% of Alpha Bank to Unicredit, and €93.7 million from the sale of 1.4% in Eurobank through the share buyback process.
The final sale price of National’s shares was set at €7.55 euros, and is 42% higher than last November’s transaction.
In a statement, Minister of National Economy and Finance Kostis Hatzidakis called the sale of 10% of National “an important success for the Greek economy, especially if you take into account the fact that it coincided with a period of great insecurity in the markets due to the worsening of the crisis in the Middle East.”
From the side of the Bank of Greece, Governor Yannis Stournaras attributed “the significant participation of Greek and foreign investors to the increased reliability of the Greek economy in recent years and to the significant progress that has been achieved in the Greek financial system as well as its prospects.”
Based on the data published by the Hellenic Financial Stability Fund (HFSF), the transaction was oversubscribed 12 times for the international book and 1.5 times for the Greek book, raising the coverage of the total offer to 10.4 times.
As stated by HFSF Chairman Andreas Verykios, the fund “has made the most of the recovery of the country’s investment grade and the prospects it creates with the correct strategic choices, rendering the banking sector capable of attracting international investment interest and the banking institutions an investment destination with the participation of strong international long-term investors.”
The state now controls 8.39% of National Bank and this stake will be transferred to the Superfund from the end of the year, as the HFSF is set to be abolished one year before the end-2025 deadline for the completion of its divestment from the banks.
