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Freshfields advises NBG on the fully marketed offering by the HFSF of a 22% stake in NBG

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised National Bank of Greece S.A. (NBG) on the fully marketed offering (FMO) by the Hellenic Financial Stability Fund (HFSF) of a 22% stake (out of its total 40.39% stake) in NBG, raising gross proceeds of approximately €1.1 billion. The offering consisted of a public offering to retail and institutional investors in Greece and private placements to institutional investors outside of Greece, including the United States.

The transaction is the largest European privatisation FMO since 2005, the largest Greek equity capital markets transaction since 2021 and the largest secondary placement in Greece since 2005.

Founded in 1841, NBG has been a key player in the Greek economy for over 180 years and its shares have been listed on the ATHEX since 1880. It is one of the four systemic banks in Greece, with a market capitalisation of approximately €5.57 billion as of 20 November 2023.

The Freshfields team was led by partners Christopher Mort and Doug Smith, counsel Richard Ho and senior associate Mazen Talih.