The distribution of dividends will largely determine the way that banks will manage their liquidity.
Regarding the National Bank of Greece (NBG), the Hellenic Financial Stability Fund (HFSF) still holds 18% of the bank’s shares. It is clear that NBG seeks the disengagement of the Fund as soon as possible.
Conditions
There are necessary conditions that must be met for the full privatization of the bank.
According to sources, the second disinvestment is seen in the summer. However, although this is possible after 6 months from the completion of the first privatization (mid-May), the European elections probably moved any plan a month later.
The transaction for the sale of 27% of Piraeus Bank, however, paved the way for the acceleration of the procedures for completing the sale of the remaining 18% of the National Bank.
The same sources said that the National Bank is probably waiting for the SSM’s decision on the dividend, having estimated the distribution of 30% of the profits of 2023. Anything less, some stock market sources reported, may lead the bank in a new request to SSM for a share by back, which is in the bank’s stated intentions.
Whether NBG will eventually requests a share by back from SSM and to what percentage will depend on:
- The share price.
- The dividend that it will distribute.
- HFSF’s intentions for a strategic investor for a 18% percentage.
