Greece to kick off National Bank stake sale next week, sources say (updated)

National Bank of Greece

24/09/2024 13:05

(Adds more quotes from sources, background)
       ATHENS, Sept 24 (Reuters) - Greece's bank bailout fund
HFSF will start the process to sell a stake of up to 12% in
National Bank of Greece  NBGr.AT  early next week, two officials
with knowledge of the matter said on Tuesday.
    With the planned sale, Greece will conclude the
re-privatisation of its banks, which were bailed out during a
debt crisis that nearly drove the country out of the euro zone.
    "Our plan is to start the process for the sale of 10%-12% on
Monday and conclude by Wednesday," one of the officials told
Reuters.
    HFSF holds an 18.4% stake in National Bank (NBG), Greece's
second largest lender by market value. The remainder will be
transferred to Greece's sovereign wealth fund.
    "The shares will be offered at a small discount to the
current market price," the official added.
    NBG shares were trading at 7.64 euros on Tuesday, valuing a
12% stake at about 900 million euros ($1 billion).
    A second official confirmed the timing of the sale, adding
the shares would be sold through a combined offering to
institutional investors abroad and to domestic institutional and
private investors.
    The fund sold its holdings in Eurobank  EURBr.AT , Alpha
Bank  ACBr.AT , Piraeus Bank  BOPr.AT  and part of its stake in
NBG earlier this year and late in 2023.    
    ($1 = 0.8989 euros)

 (Reporting by Lefteris Papadimas
Editing by Mark Potter)
 ((lefteris.papadimas@thomsonreuters.com; +30 210 3376477;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))