The Hellenic Financial Stability Fund’s recent placement of its 27% stake in Piraeus Bank attracted a staggering 11 billion euros in offers, boosting the Greek government’s treasury by approximately 1.35 billion euros. Now, attention shifts to the remaining 18% stake held by the Hellenic Corporation of Assets and Participations (HCAP) in the National Bank.

Last November, a 22% stake in the National Bank was sold, generating over 8 times oversubscription across international and Greek markets. The final sale price reached 0.67 billion euros, with each share priced at 5.30 euros.

HCAP management faces the decision of whether to expedite the sale of its National Bank shares, capitalizing on the momentum seen in Greek assets, particularly in banking, in the global market. However, any divestment process must wait until June, as the Fund is committed not to sell National Bank shares until the end of May.

Reports indicate that National Bank management, led by Pavlos Mylonas, seeks a swift sale of the government’s stake, following the strong interest it attracted in its initial offering to investors. Speculation suggests that some investors may consider increasing their stake in the National Bank.

Ultimately, the government holds the final decision, with indications pointing toward complete divestment from the four systemic banks by the end of 2024. HCAP has already divested fully from Eurobank, Piraeus Bank, and Alpha Bank, while maintaining an 18% stake in the National Bank and a 70% stake in Attica Bank.