Tomorrow, Monday, the Financial Stability Fund (TFS) is expected to announce its new divestment from the National Bank.
The portfolio of offers should begin on the same day, will last until October 2nd and will concern the sale of 10% of the shares held by FEFG in National Bank, of the approximately 18.3% it currently holds.
According to this percentage information, 15-20% will be allocated to retail and the remainder to institutional and long-term investors, with an allocation price to be determined based on the order book.
The final percentage allocated to the Greek public offering will remain open, leaving the possibility of a higher percentage in the final allocation.
The previous placement took place in November 2023 and was completed with great success with the eventual sale of 22% of the 22% held by FEFG to Banco Nacional.
The transaction attracted very strong interest from investors in Greece and abroad, with total demand exceeding the number of shares offered by 8 times.
In the interim period to date, almost a year, the National Bank has shown a further increase in its financial figures, with proportional profits after tax in the first half of 20024 amounting to 670 million euros and organic profits after tax at group level of 646 million. .euro, marking an increase of 26% and 27% respectively on an annual basis. At the same time, it renewed its corporate image.
As the managing director of the National Bank, Pavlos Mylonas, said in the plenary of the Bank’s last annual ordinary general meeting, which approved the distribution of dividends, for the first time after 16 years, “2023 was a landmark year for the National Bank, with broad recognition of the efforts of the last 5 years, especially on the part of shareholders, supervisors, valuation houses, clients and also society in general”.
Increase in loan disbursements
On the occasion of the announcement of the half-yearly results, Mr. Mylonas also emphasized the comparative advantages of his balance sheet, also focusing on the fact that loan disbursements have registered a notable increase, reaching the highest levels in recent years, amounting to 2 .8 billion euros in the second quarter of 2024. Furthermore, net cash in the first half of 2024 was reinforced by 1.1 billion euros year-to-date to 9.1 billion euros, providing support significant contribution to net interest income and further strengthening the National Bank’s unique liquidity advantage. At the same time, as highlighted, the National Bank continues to strategically invest in the technological and digital optimization of its infrastructures, which will allow us to support the development path of the Greek economy, providing its customers with innovative financial solutions and an improved experience.
In his speech at the general assembly, the president of the National Bank Gikas Hardouvelisemphasized that Ethniki has already turned the page and is playing a leading role in the development of the national banking system and the course of development of the Greek economy. He highlighted the great change that has occurred in recent years and the significant improvement in all areas: from the transformation of the bank, which is a years-long project and horizontally permeates all its activities and its culture, its new identity as well as the adaptation in accordance with modern international operational standards, to comply with ESG rules, to contribute to the economy and society.
RES-MEB
