The management of the National Bank of Greece is receiving positive signals regarding the investor interest expressed for participation in the upcoming placement. According to information from the meetings that senior executives of the bank had with institutional foreign investors and funds, it is concluded that the interest is expected to be strong and the offers are expected to exceed the estimates. This, of course, remains to be seen. 

THE SEASONS AND THE ROLE OF JP MORGAN

Within the week, the HFSF is expected to meet with JP Morgan in order to be informed about the results of the meetings that the investment executives had with institutional investors. The expressed interest seems to support JP Morgan's position that the HFSF should sell its entire stake. In other words, the market is expected to absorb 18.39% of the shares held by the HFSF in the National Bank. 

THE BEST SCENARIO

However, so far the scenario that is gaining ground is the disposal of 10% of the HFSF's shares, without, of course, excluding an increase in this. This is because the HFSF has the right to increase the stake in the event of a large offer. In this case the percentage can be increased up to 13%, but we will find out after the end of the bid book period for the international offer.  The placement, barring any contingency, is expected to be conducted in early October, as the aim is to do it before the US elections. In the event that investors do not like the outcome, this will prevent market volatility.

DEALS IN EUROPEAN BANKING

As a banking source said, the ΝΒG's share placement comes at a time when there are developments in the European banking landscape. Following Unicredit's proposal to acquire a stake in Commerzbank, Germany's second-largest bank, several analysts see a new phase of centralisation. This is because the aim is to create large banks, as opposed to the fragmented current landscape, which can finance large investments that are underway in Euro