Hellenic Financial Stability Fund

Attica Bank, Greece's fifth largest lender, has raised 672.2 million euros in the context of the share capital increase that was completed and covered to the tune of 86.94% by existing shareholders.

As part of the increase, 359,469,360 shares were issued and the same number of share purchase certificates, which were made available to the participants in the increase.

Two major US investment funds are expected to participate in Attica Bank's share capital increase, which takes place from October 21 to 30 and aims to raise 672.2 million euros.

Demand for the 10% stake in the National Bank of Greece was covered approximately nine times on Monday, the first day that the offer book was opened, with the disposal of 91,471,515 shares out of the total of 168.2 million shares controlled by the public.

Demand for a 10% stake sale in the National Bank of Greece (NBG) by the country's bank bailout fund was oversubscribed by six times on Monday, in the first day of a book-building process which ends later this week, two sources told Reuters.

A strong message to markets is sent by Kostis Hatzidakis’s revelation to the international news agency Bloomberg that in 2024, the state budget will close with a higher-than-expected primary surplus of 2.4% of GDP instead of the initial target of 2.1%.

The government will dispose of approximately 10% of the 18.39% stake held by the state in the National Bank of Greece, preferring the scenario of keeping the remaining 8.39%, which is, after all, the only holding it currently has in a systemic bank. The baseline scenario, according to information, does not rule out the final percentage moving up or down around 2%, depending on demand.

The government is aiming to allocate 10% of the total 18.39% still controlled by the Hellenic Financial Stability Fund (HFSF), so as to keep the remaining 8% for disposal to any interested strategic investor, sources have told Kathimerini. They add that the public offering for the 10% stake is expected in the first week of October.

With an increased majority, the ruling party ND (New Democracy) and PASOK-KINAL voted for the Ministry of Finance and National Economy’s bill “Ratification of the 18.7.2024 Merger and Investment Agreement between the Hellenic Financial Stability Fund and the limited liability company THRIVEST HOLDING LTD” for the merger of Attica Bank with Pancreta Bank in the plenary session.

With a bill put to public consultation, the Ministry of Economy and Finance has moved forward with the radical restructuring of the Superfund or Growthfund. 

The Greek government and the European institutions responsible for banking supervision and financial stability, such as the Single Supervisory Mechanism and the European Stability Mechanism, co-shape the provisions for the reforms promoted by the Ministry of National Economy and Finance in the Superfund, the Hellenic Financial Stability Fund (HFSF) and the state asset utilization fund (TAIPED).