National Bank of Greece is reviewing second-round bids for its London-headquartered private equity business and hopes to sell it “imminently,” the bank’s deputy chief executive Petros Christodoulou told Reuters.
“We are now going through the second round of the secondary sale process. We believe that this is an imminent thing,” Christodoulou said. “It’s most likely that it will be done by end-September.”
He would not specify how many bidders were left, but said it was about a quarter of those who had initially shown interest. The business manages about 900 million euros in assets and has been on the market since January.
Christodoulou added that the bank may issue further debt soon, to follow a 750 million euro ($1.02 billion) five-year bond it issued in April at a lower interest rate than the Greek sovereign.
“If we find there is a market, there is a format, that is not competing with the issue we place, we could be in the market much sooner (than the next few months),” he said. [Reuters]