Greece Completes National Bank Stake Sale Amid Economic Recovery Signs

Greece's bank bailout fund concluded the sale of a 10% stake in National Bank, raising 690 million euros to reduce public debt. The sale showed strong investor demand, oversubscribed by 12 times. The move is viewed as a sign of Greece's economic recovery post-debt crisis.

Greece has successfully completed the re-privatisation of its lenders by selling a 10% stake in the National Bank (NBG), according to the country's bank bailout fund. The transaction raised 690 million euros, intended to aid in reducing Greece's substantial public debt.

The HFSF, Greece's state-controlled bank bailout fund, sold 91.4 million shares in NBG at 7.55 euros per share, marking the midpoint of the initial pricing range. Strong demand resulted in the offering being oversubscribed by 12 times, as reported by a process official.

This sale follows a series of divestments by HFSF in major banks, viewed as indicative of Greece's economic revitalization. Market analysts consider this a positive signal post the country's return to investment-grade credit rating.

(With inputs from agencies.)