The Hellenic Financial Stability Fund’s recent placement of its 27% stake in Piraeus Bank attracted a staggering 11 billion euros in offers, boosting the Greek government’s treasury by approximately 1.35 billion euros. Now, attention shifts to the remaining 18% stake held by the Hellenic Corporation of Assets and Participations (HCAP) in the National Bank.
Last November, a 22% stake in the National Bank was sold, generating over 8 times oversubscription across international and Greek markets. The final sale price reached 0.67 billion euros, with each share priced at 5.30 euros.
HCAP management faces the decision of whether to expedite the sale of its National Bank shares, capitalizing on the momentum seen in Greek assets, particularly in banking, in the global market. However, any divestment process must wait until June, as the Fund is committed not to sell National Bank shares until the end of May.
Reports indicate that National Bank management, led by Pavlos Mylonas, seeks a swift sale of the government’s stake, following the strong interest it attracted in its initial offering to investors. Speculation suggests that some investors may consider increasing their stake in the National Bank.
Ultimately, the government holds the final decision, with indications pointing toward complete divestment from the four systemic banks by the end of 2024. HCAP has already divested fully from Eurobank, Piraeus Bank, and Alpha Bank, while maintaining an 18% stake in the National Bank and a 70% stake in Attica Bank.
Source: tovima.com
Latest News
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans
NBG Receives BBB Investment Grade by DBRS
This makes NBG the first Greek bank to regain Investment grade status, nearly 15 years after the onset of the Greek financial crisis
Greek Gov. Budget: Primary Surplus 3bln in Q1 2024
Value Added Tax (VAT) revenues reached 5.876 billion euros, down by 16 million euros compared to the target
Athens’ Public Transport System Gets Green “Facelift”
The future of urban transport in Greece's capital city includes electrification, hydrogen, kinetic energy and even heighted security and monitoring through the use of drones
Athens Int’l Airport: 16.2% EBITDA Increase and 16.5% Passenger Growth in Q1 2024
Following the strong performance in the first quarter, the company revised its annual passenger traffic forecast for 2024 to 29.9 million passengers, a 6.3% increase (or roughly 1.8 million passengers) from 2023 levels.
Oxford Economics Report: Greek Economy is Just Below Risk Zone
However, the report points to a persistent challenge in the form of commercial credit risk, which remains high at 8 out of 10, ranking Greece 104th internationally