Bloomberg: Greek state ready to sell-off major stake it owns in National Bank of Greece

The Greek state is reportedly ready to sell-off a significant percentage of the shares it possesses in the National Bank of Greece (NBG), the oldest credit institution in the country, according to Bloomberg.

The news agency, which quotes anonymous sources it says have knowledge of the initiative, adds that such a prospect is part of a plan by the government to liquidate the state’s shares in the country’s four systemic – and thrice recapitalized – banks.

Bloomberg maintained that the sell-off will come in mid November, with the Greek government aiming to attract as many long-term investors as possible.

The Hellenic Financial Stability Fund (HFSF), the special purpose vehicle created to help stabilize the country’s banking sector during the bailout era, owns roughly 40 percent of NBG, a stake valued at five billion euros.

However, the dispatch said the Greek state will float 15 percent of NBG’s shares through an offer book, along with 5 percent to private investors, the same sources maintained.

Representatives of NBG and HFSF declined to comment.