(Bloomberg) -- Greece has lined up more investment banks to help arrange a share sale in National Bank of Greece, according to people familiar with the matter, as the government looks to reduce its stake in the country’s lenders.
The state’s Hellenic Financial Stability Fund — a bank recapitalization tool established at the start of Greece’s bailout programs — has added Bank of America Corp., Citigroup Inc. and Deutsche Bank AG to assist with a deal, the people said. Meanwhile, Goldman Sachs Group Inc. and Morgan Stanley are working with National Bank of Greece on the preparations, they said.
HFSF is still looking to reduce its stake in National Bank of Greece to about 8%, from about 18% currently, according to the people. No final decision has been made and the size of the stake sale could still change, the people said. The bank lineup could change as well, they added.
Representatives for HFSF and the banks declined to comment.
JPMorgan Chase & Co. has been picked to help lead the stake sale in National Bank, Bloomberg News reported last week. A move would 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.
Other European governments have moved to shed their positions in domestic banks as well. Germany started to sell some of its stake in Commerzbank AG that it built during the last financial crisis.
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