Hellenic Financial Stability Fund Sells National Bank Of Greece

Posted on 11/17/2023

In a €1.067 billion deal, The Hellenic Financial Stability Fund (HFSF) sold a 22% stake in National Bank of Greece. The participation in the private placement of large institutional investors abroad was overwhelmingly high. The Hellenic Financial Stability Fund was formed during the Greek financial crisis (2010-2019) to support the country’s banks.

Before the Friday sale, the Greek state held 40.39% of National Bank of Greece.

A total of 201,237 shares were traded at a price of €5.30 each. Purchasers included BlackRock, Fidelity, Wall Street Capital, Lazard, Norges Bank (Norway Government Pension Fund Global), Orix, RWC, GIC Private Limited, and Robeco.

Italy’s UniCredit this week also acquired 9% of Greece’s Alpha Bank from the HFSF for €293.5 million. As part of the deal, UniCredit also agreed to acquire most of Alpha’s Romanian business for €300 million. Lazard Frères acted as disposal adviser to the fund and Rothschild & Co as divestment strategy adviser.

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