The procedure for the sale of a 12% stake in the Hellenic Financial Stability Fund (HFSF) to the National Bank of Greece (NBG) is set to start next week, according to sources cited by Reuters.
The transaction marks the completion of the privatization of Greek banks that were bailed out during the financial crisis, a turbulent period that led Greece to the brink of bankruptcy and the expulsion from the EU’s common currency market.
The news confirms an OT report that said that the transaction was scheduled to kick off next Monday, September 30, and the decision to sell a 10% stake in the National Bank of Greece (NBG) from the total 18.4% held by the Hellenic Financial Stability Fund (HFSF) appears to be final.
“Our plan is to begin the process for selling the 10%-12% stake on Monday and complete it by Wednesday,” said one of the officials involved in the process to Reuters. “The shares will be offered at a slight discount to the current market price,” the official added.
The HFSF holds an 18.4% stake in National Bank, Greece’s second-largest bank by market value. The remaining stake will be transferred to Greece’s state investment fund.
National Bank shares were trading today at around €7.63, meaning the 12% stake will be valued at approximately €900 million.
A second official confirmed the timing of the sale, adding that the shares will be sold through a combined offering to institutional investors abroad, as well as domestic institutional and private investors.
