JP Morgan reportedly showed increased interest in the sale of the National Bank of Greece shares from HFSF yesterday. In fact, it seems that the sale of 10% of the shares of the National Bank is locked in, while reports indicate that this percentage may reach up to 13%, depending on the demand for the shares and the bids submitted. Thus, the state is expected to be left with a maximum of 5% of the national bank, as the HFSF owns 18.39% of the national bank. 

THE EXPERIENCE

This is the second placement, as last year the HFSF had proceeded with the sale of 20+2% of NBG with offers reaching €1.067 billion. In fact, 80% of the offer at that time was directed to international players and funds, with demand being 8.9 times higher. 20% had been directed to the domestic market, with demand in Greece being 2.9 times higher and the offer price being €5.3. 

THE TARGET

To date, from meetings with senior bank executives abroad as well as from the interest JP Morgan is registering, it appears to be strong. The aim is to attract large institutional funds and long-term investors who will give a vote of confidence in the bank's growth story and, of course, in the Greek economy.

NEW JP MORGAN CONTACTS

According to reports, JP Morgan will reportedly make additional contacts abroad before briefing the HFSF. After the Securities and Exchange Commission has approved the prospectus, the aim is to open the offer book the following week. The aim is to prevent the stock from falling further in order to allow international and domestic investors to position themselves later.