Greece plans to complete the re-privatization of its banks in early October with the sale of the last its stake in the National Bank, two sources familiar with the matter told Reuters, BTA reported.
The planned sale marks the recovery of Greece's banking sector, which was bailed out during the debt crisis, in which Greece nearly left the eurozone and international creditors imposed strict austerity measures in exchange for loans.
It also marks the end of a bailout fund known as the Hellenic Financial Stability Fund (HFSF), which was set up in 2010 to protect Greece's biggest banks and limit the spread of trouble in the country's financial system. Europe.
The fund still owns 18.4 percent of the National Bank of Greece (NBG), the country's largest bank with a market value of 7.2 billion euros. The fund plans to sell 10-13 percent and the rest will be transferred to the State Investment Fund of Greece, the sources said.
"The exact stake and timing of the sale will be decided next week," one of them said.
The Greek Financial Stability Fund began selling off its holdings last year after injecting around 50 billion euros to prop up Greece's four biggest banks in exchange for equity stakes during the 2009-2018 debt crisis.< /p>
The move was seen by investors as a sign of Greece's economic recovery, although many ordinary Greeks are still suffering from the long-term effects of the crisis, the agency noted.
The fund sold its shares in Eurobank (Eurobank), Alpha Bank (Alpha Bank), Piraeus Bank (Piraeus Bank) and part of its share in NBG to foreign and domestic investors.
A second official said that if there is strong demand, then the government may sell 13 percent of NBG.
"The share will be sold through book-building and public offering,", he added.
The Greek Financial Stability Fund has hired JP Morgan as an adviser, the sources said.
/SU/
Source: www.bta.bg