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HFSF announces placement of 10% of National Bank of Greece shares

The price range of the placement is between 7.3 and 7.95 euros per offer share. The public offering period in Greece will be three days and it will be carried out through electronic book building.

The public offering of a 10% share in the National Bank of Greece (NBG), launched on Monday morning by the Hellenic Financial Stability Fund (HFSF), has already been six times oversubscribed according to sources. The HFSF on Monday issued an invitation to investors for the public offering of a 10% share in the National Bank of Greece still in its possession. The price range of the placement is between 7.3 and 7.95 euros per offer share, an HFSF announcement said.

The public offering period in Greece will be three days and it will be carried out through electronic book building, starting at 10:00 (Greek time) on September 3 and closing at 16:00 16:00 (Greek time) on October 2.

"On 28 September 2024, the board of directors of the Hellenic Financial Stability Fund approved, inter alia, the disposal of a stake of 10% shareholding in National Bank of Greece S.A., corresponding to 91,471,515 existing common registered dematerialized voting shares, listed on the Regulated Market of the Athens Stock Exchange (ATHEX) with a nominal value of 1.00 euro each in the share capital of NBG, at an offering price ranging between 7.30 and 7.95 euros per offer share," the HFSF announcement said.

It noted that NBG is not offering any shares and will not receive any of the proceeds from the sale, with net proceeds received by the HFSF
The offer shares will be offered to retail or qualified investors in Greece and to persons reasonably believed to be qualified institutional buyers in the United States and selected institutional investors outside of Greece.

The price for each offer share, which may not be lower than 7.30 euros or higher than 7.95 euros per offer share, and which will be identical in the Greek public offering and the international offering, is expected to be determined pursuant to a resolution of the board of directors of the selling shareholder after the close of the period of the bookbuilding process for the international offering on or about 2 October 2024, the announcement said.

Furthermore, at any time during the period of the bookbuilding process for the international offering, HFSF may, "at its sole and absolute discretion, upon resolutions of its Board of Directors, decide to (in no particular order of priority) determine and publicly announce a narrower range within the price range and/or determine a price point guidance," the fund said.

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