Milbank Advises on the Divestment of Hellenic Financial Stability Fund’s 22% Stake in National Bank of Greece S.A.

Milbank LLP has advised the underwriters on the divestment by the Hellenic Financial Stability Fund of a 22% stake (out of its total 40.39% stake) in National Bank of Greece S.A. through a fully marketed offering, raising gross proceeds of approximately €1.1 billion.

This transaction is one of the largest capital markets privatisation transactions in Europe and the largest secondary placement in Greece since 2005.

J.P. Morgan SE, Goldman Sachs Bank Europe SE, Morgan Stanley Europe SE, and UBS Europe SE acted as joint global coordinators, BofA Securities Europe SA acted as bookrunner, and AXIA Ventures Group Limited and Euroxx Securities S.A. acted as co-lead managers.

The Milbank team was led by Capital Markets partners Apostolos Gkoutzinis and David Dixter, and included associates Lefteris Dafermos, Rishi Ray, Panos Tsezos and legal assistant Panos Apostolidis. The team also had assistance from US Tax partner Eschi Rahimi-Laridjani and associates David Hanno and Elaine Lee.