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FINANCIALS: NBG Stake Sale Coming, Could Catalyse Spread Positive Bid

FINANCIALS

The Greek government’s vehicle for holding stakes in rescued financials (HFSF) has announced a slate of banks to advise on a sale of its stake in NBG (ETEGA: Baa2/BB+ pos/BB+ pos). HFSF currently owns 18.4% of the Greek bank and is reportedly looking to sell down to 8%. Any subsequent bid for NBG could be spread positive for it. Again, we would avoid being short smallerEuropean banks.

  • “*HFSF SAID TO TAP BOFA, CITI, DEUTSCHE BANK FOR NBG SHARE SALE
  • *NATIONAL BANK OF GREECE SAID TO PICK GOLDMAN, MS ON SHARE SALE” – BBG
  • On the day UCGIM announced its purchase of 9% of CMZB, this is another indication of both how long it’s taking to normalise some banks post-GFC, but also the potential for cash-rich buyers to look at smaller banks in recovery positions. NBG’s market cap is EUR6.8bn, less than half the size of CMZB.
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