The Hellenic Financial Stability Fund (HFSF) is expected to immediately proceed with its divestment from the National Bank of Greece (NBG).
More specifically, the Hellenic Financial Stability Fund, which still holds an 18.39% stake in the Bank, is expected to announce the hiring of a financial advisor and a legal advisor who will initiate the process. There are two main issues with this sale:
- When will the bank be privatized?
- If it is concluded with the sale of the entire percentage, which will proceed with the recommendation of the consultants, after having examined the market conditions.
In terms of timing, and with the US elections scheduled for November 5, there is an informal but effective blackout on US investors for about a month before the elections and a week after them. Therefore, the sale will either take place before October 5 – for US funds to participate – or after November 12.
September is critical
It is obvious that September is a much more appropriate month for the project, if the conditions are met. As for the percentage, it is estimated that it will probably concern the full privatisation of the NBG, since the bank itself is interested in buying and cancelling shares if the SSM approves it. The previous divestment of the National Bank, according to data from the HFSF, at a percentage of 22%, is characterised as one of the most successful in recent years, at European level.
The bookbuilding process was fully covered for the first time in the bank’s initial public offering, 20 minutes after its opening, on November 13, 2023.
With a total value of €1.067 billion and a final price per share of €5.30, the divestment of the National Bank is the largest privatisation transaction in recent years in Greece. Given the interest from the sector and the fact that the National Bank is the firm preference of foreign banks, the procedure is expected to proceed quickly.