HomeEconomyGreece initiates process to sell 20% stake in National Bank

Greece initiates process to sell 20% stake in National Bank

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Greece on Monday introduced plans to promote 20% of shares within the National Bank of Greece (NBG) following the completion of the sale of a 9% stake in Alpha Bank to UniCredit because it seems to be to divest from the nation’s lenders.

The shares in NBG, Greece’s second-largest financial institution by market worth, can be offered through a public providing and a personal placement from Nov. 14-16 at between 5 and 5.44 euros ($5.34-5.81) per share, the Hellenic Financial Stability Fund (HFSF) stated in a press release.

The HFSF, a state-controlled financial institution bailout fund, acquired stakes in Greece’s greatest lenders in return for injecting about 50 billion euros to recapitalize them in the course of the nation’s monetary disaster. It presently holds a 40.4% stake in NBG and a 27% stake in Piraeus Bank, Greece’s third-largest lender.

NBG’s shares had been down about 1% at 5.39 euros at 10:12 a.m. GMT on Monday, with the 20% stake valued at about 1 billion euros.

“Out of the 20% holding, 17% will be offered to funds and 3% to retail investors. If there is strong demand, then HFSF might increase the stake to be offered to 22%,” an official concerned within the course of advised Reuters.

Earlier on Monday, HFSF stated it offered its 9% stake in Alpha Bank to UniCredit for 293.5 million euros after an improved bid from the Italian financial institution.

Greece has been attracting important funding as its economic system strengthens after the disaster, prompting S&P Global to improve the nation to funding grade in October.

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