Greece's Strategic Return to Banking Stability
Greece successfully completed the re-privatisation of National Bank by selling a 10% stake, gathering 690 million euros. The process received strong investor interest, oversubscribing by 12 times. This sale forms part of Greece's broader strategy to reduce public debt and signals economic recovery post-debt crisis.
On Thursday, Greece concluded the re-privatisation of its financial sector by selling a 10% stake in National Bank (NBG). The sale, marked by strong investor demand, reflects Greece's economic recovery momentum and raised 690 million euros.
The valuation settled in the mid-range at 7.55 euros per share after a heavily subscribed offering. The transaction aims to alleviate Greece's public debt, the euro zone's largest relative to GDP.
As Greece continues its economic resurgence, HFSF plans to transfer the remaining NBG shares to the sovereign wealth fund, stripping away any special state-provided rights.
(With inputs from agencies.)
Advertisement
ALSO READ
UK Stocks Dip as Investors Await Federal Reserve Policy Decision
Investors Await Fed's Interest Rate Decision Amid Market Uncertainty
Markets Hover as Investors Await Fed Rate Decision
Dollar Retreats as Investors Eyed Fed's Policy Meeting
Investors Brace for Fed Decision as Euro Zone Bond Yields Inch Higher