Greece to Finalize Bank Re-Privatization with National Bank Sale

Greece aims to complete the re-privatisation of its banks by early October with the sale of its remaining stake in National Bank. This move signals a recovery for the Greek banking sector, which was bailed out during the debt crisis, and marks the end of the bailout fund HFSF.

Greece plans to conclude the re-privatisation of its banks by early October with the sale of its last stake in National Bank, according to two sources familiar with the matter.

The planned sale is a rebound for the Greek banking sector, which was bailed out during a debt crisis that almost saw Greece exit the eurozone. This also signifies the end of the bailout fund HFSF, launched in 2010 to protect Greece's biggest banks and limit contagion across Europe's financial system.

The HFSF still owns 18.4% of National Bank (NBG), Greece's largest lender, valued at 7.2 billion euros. It plans to sell 10-13%, with the remainder transferring to Greece's sovereign wealth fund. The exact stake and timing will be decided next week.

(With inputs from agencies.)