The countdown has started for the placement of the HFSF's stake in the National Bank of Greece. According to reports, JP Morgan will provide a detailed report to the bank's management and the HFSF on its meetings with potential investors within the week.

The same sources say that interest is currently brisk and that the report of the HFSF's adviser (JP Morgan) will determine the percentage to be allocated. JP Morgan seems to prefer the allocation of the entire stake held by the HFSF in the National Bank, i.e. 18.3%. However, it seems that about 10% of the stake will be disposed of rather than the entire stake, as the government wants the state to retain 8% of the share capital. A larger allocation of a larger percentage is not ruled out if demand remains strong, but this will not exceed 13% of the total shares held by the HFSF.

WHAT THE MARKET EXPECTS

Stock market analysts believe that the placement of Ethniki will give a new boost to the assets of the Athens Stock Exchange, as it will turn the eyes of the investment community to the domestic market. With the index stuck around 1,450 points, it may be a springboard for approaching higher targets. 

HFSF

Following the HFSF's disinvestment from the National Bank of Greece, the HFSF will complete a major cycle of divestment from the equity of banks. 

Following the placement, the National Bank is creating a strong fund of €9.1 billion, with liquidity expected to be channelled into the development of the banking institution. Besides, the figures it is expected to announce will be strong, according to recent reports from international and domestic firms, which also raise the target price for the stock.