Clifford Chance advises the Hellenic Financial Stability Fund on its ca. €690 million sale of a 10 percent stake in National Bank of Greece, one of the largest bank privatisation transactions in Europe in recent years

Global law firm Clifford Chance has advised its long-standing client, the Hellenic Financial Stability Fund (HFSF), on the sale by it of a 10 percent stake in ATHEX listed National Bank of Greece S.A. The sale was structured as a fully marketed secondary equity capital markets offering and comprised both Greek and international institutional offering tranches as well as a Greek public offering. The offering, which closed on 7 October 2024, saw the HFSF sell 91,471,515 shares in NBG through a book-building process and retail offering in Greece and was more than 10 times oversubscribed, raising gross proceeds of approximately €690 million.

The joint global coordinators of the international offering comprised J.P. Morgan, Goldman Sachs, Morgan Stanley and UBS.

The cross-border Clifford Chance team was led by ECM Partner Christopher Roe, and comprised: senior associate James Koessler, associate Radhika Sharma and trainee solicitor Keith Minami, in London; US Securities Partner George Hacket and senior associate Andrei Dan Manea, in Frankfurt; and Brussel-based Regulatory and Public law Partner, Anastasios Tomtsis.

This transaction evidences Clifford Chance’s growing commitment to further strengthening its presence in the Greek Equity Capital Markets, having also recently advised, among others, Greek defence company, Theon International Plc, on its IPO and listing on Euronext Amsterdam.