Greece has unveiled its plans to divest from the country's banking sector, announcing the sale of a 20% stake in the National Bank of Greece (NBG). This move follows the successful conclusion of the sale of a 9% stake in Alpha Bank to UniCredit. The Hellenic Financial Stability Fund (HFSF), a state-controlled bank bailout fund, disclosed that the NBG shares will be offered through a combination of public offering and private placement from November 14 to 16, with a price range set between 5 and 5.44 euros per share.
The HFSF, which injected approximately 50 billion euros to recapitalize Greece's major lenders during the financial crisis, currently holds a 40.4% stake in NBG and a 27% stake in Piraeus Bank, the country's third-largest lender. The sale of NBG's 20% stake is expected to raise around one billion euros ($1.07 billion). NBG's shares experienced a 1% decline to 5.39 euros at 1012 GMT on Monday.
An official involved in the process indicated that out of the 20% holding, 17% would be offered to funds, and 3% would be available to retail investors. The HFSF might consider increasing the stake to be offered to 22% if there is substantial demand.
Earlier in the day, the HFSF confirmed the successful sale of its 9% stake in Alpha Bank to UniCredit for 293.5 million euros. This followed an improved bid from the Italian bank, signaling continued investor interest in the Greek banking sector.
Greece's economy has been on an upward trajectory, attracting significant investment and prompting credit rating agency S&P Global to upgrade the country to investment grade in October. As Greece takes steps to divest from its banking institutions, these developments underscore the evolving landscape of the country's financial sector and its attractiveness to investors.
By fLEXI tEAM