Hellenic Financial Stability Fund
Demand for a 20% stake in Greece's National Bank (NBG) held by the country's bank bailout fund was covered by more than six times on Tuesday, in the first day of a book-building process which ends later this week, a source with knowledge of the matter told Reuters.
"Demand covered 6.2 times the shares offered," the source involved in the process said on condition of anonymity.
The Hellenic Financial Stability Fund (HFSF) on Tuesday launched the book-building process to offer 20% of its equity stake in National Bank.
HFSF will offer up to 182,943,031 shares of National Bank with the option to offer an additional 1.99% or 18,294,303 shares.
The book-building offer foresees both domestic and international investors.
The stocks of Greek banks sent turnover at the local bourse soaring on Monday, as they accounted for about 90% of the nearly 400 million euros traded at Athinon Avenue on the day, helped by the divestment of the Hellenic Financial Stability Fund from Alpha and National. Prices varied, with winners edging out the losers by the smallest of margins.
National Bank, Greece's second-largest lender by market value, on Tuesday reported higher net earnings in the first nine months of 2023 compared with the same period a year ago as net interest income rose.
NBG, 40% owned by the country's HFSF bank rescue fund, said net earnings reached 791 million euros from €680 million in the first nine months of 2022.