National Bank’s placement under the microscope

National Bank’s placement under the microscope


All the major rating agencies participated in the disinvestment process of the Hellenic Financial Stability Fund (HFSF) from the National Bank, bringing 690 euros in revenue to the State.

According to “Naftemporiki” sources, the highest participation was recorded by private investors rather than institutional investors, while in the international book the lead (over 70%) was held by the “heavy” names, such as Lazard Asset Management, RWC, Wellington, Capital World, Blackrock and Fidelity, among others.

A smaller percentage was secured by investors with a short-term investment horizon such as hedge funds. It is recalled that of the total shares allocated, 15% ended up in the hands of investors in Greece and the remaining 85% to foreign investors.

The placement was oversubscribed by 10.4 times in total (12 times in the international offer and 1.5 times in the Greek offer).

“Discount” on the final price

The final sale price of the HFSF shares was significantly lower than the initial estimates, at 7.55 euros from 7.95 euros that the shareholder had initially set the threshold.

Both the war conflicts in the Middle East and the shareholder’s overestimation of the success of the transaction played a role in this development. According to market sources, the HFSF “fell a victim” of its success with Piraeus Bank where the placement was completed with a marginal premium.



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