Sale of NBG stake proceeds

The authorities volition dispose of astir 10% of the 18.39% involvement held by the authorities successful the National Bank of Greece, preferring the script of keeping the remaining 8.39%, which is, aft all, the lone holding it presently has successful a systemic bank. The baseline scenario, according to information, does not regularisation retired the last percent moving up oregon down astir 2%, depending connected demand.

The government’s determination is expected to beryllium announced connected Monday during a gathering of the committee of directors, which volition sermon National’s placement. At the meeting, the state’s typical astatine the committee of the Hellenic Financial Stability Fund is expected talk some astir the government’s authoritative determination and its reasoning. This is an important measurement up of giving the greenish airy to consultants JPMorgan to commencement exploring the marketplace astir the supra stake. 

The process of wall-crossing is expected to commencement connected Wednesday, investigating, successful summation to the intentions of the investors, the terms they are consenting to wage for 10% of National, on with the committedness that they volition not commercialized their shares.

It should beryllium noted that based connected the accusation that JPMorgan has transferred to the HFSF, the marketplace is capable to sorb the state’s full stake. A akin opinion, according to sources, has besides been expressed wrong the HFSF, successful presumption of the Fund’s disbandment astatine the extremity of 2024. JPMorgan’s investigations volition besides amusement whether the determination connected the disposal of a smaller percentage, i.e. astir 10%, volition impact the merchantability terms too.

According to the plan, the placement is expected successful the archetypal week of October and the margins for the completion of the procedures are tight.

A draught has already been sent to the Capital Market Commission, with important gaps, however, some for the last percent and the terms scope that volition beryllium projected for the transaction, which are expected to beryllium filled successful wrong days. Still, it is definite from the government’s constituent of presumption that the placement volition beryllium a combined connection successful Greece and abroad.