(Bloomberg) -- Greece has picked JPMorgan Chase & Co. to help lead a further stake sale in National Bank of Greece SA, according to people familiar with the matter.
The state’s Hellenic Financial Stability Fund — a bank recapitalization tool established at the start of Greece’s bailout programs — is considering selling roughly a 10% stake in the lender, some of the people said. It’s planning to launch the deal as soon as early October, according to the people, who asked not to be identified because the information is private.
Goldman Sachs Group Inc. and Morgan Stanley are also among banks expected to have roles on the sale, the people said. The potential offering would reduce HFSF’s stake in National Bank to around 8%, from about 18% currently.
Deliberations are ongoing, and details of the potential transaction could change. Representatives for HFSF, National Bank, Goldman Sachs, JPMorgan and Morgan Stanley declined to comment.
The move will follow a 22% stake sale in November when the state fund raised €1.06 billion. National Bank’s shares have risen since then, putting the state in a better position for this sale.
In less than a year the government has move fast in exiting from Greek lenders. Since October 2023 the HFSF has sold its full stake in Eurobank Ergasias Services and Holdings, Alpha Bank and Piraeus Bank, while it also plans to reduce its holding in Attica Bank.
During the country’s decade-long debt crisis, lenders were recapitalized as part of its bailout programs. In 2024 Greek banks were allowed to make the first payouts to shareholders since 2008 in a sign of their gradual return to normality.
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