HFSF seeks best possible bids for NBG and Alpha stakes
Bank bailout fund (HFSF) executives have been working on two fronts.
Over the weekend they sought that UniCredit improve its offer for 8.9% of Alpha Bank, as the competitive process was completed last Friday without another offer submitted.
The bid book for National Bank is expected to open on Tuesday, with HFSF having a 20% stake: Its successful sale could bring about 1 billion euros into state coffers, since the bank's capitalization exceeds €5 billion.
In contrast to Alpha, where the battle is about the level of the UniCredit offer, the sale of NBG shares will likely be at a discount from the current share price; the discount rate is crucial for the fund.