The National Bank of Greece has officially launched the first phase of its 2026 share buyback programme, following necessary approvals from shareholders and regulatory bodies.
- The National Bank of Greece has officially launched the first phase of its 2026 share buyback programme, following necessary approvals from shareholders and regulatory bodies.
Share buyback: Details of the Buyback Programme
This initial phase is set to be carried out in accordance with the approvals obtained during the annual general meeting of shareholders held on April 30, 2026. The implementation of this programme has also received the endorsement of the bank’s board of directors, who are acting under the powers delegated by the general meeting.
In addition to shareholder approval, the programme has secured the green light from the Hellenic Corporation of Assets and Participations and the Single Supervisory Mechanism (SSM) of the European Central Bank (ECB).
Structure of the First Phase
The first phase will be executed in two successive parts, with management by Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE, respectively. Each institution will operate independently from one another, as well as independently from the bank, when making decisions regarding the timing and pricing of transactions.
Objectives and Financial Allocations
The primary aim of this share buyback initiative is to enhance shareholder returns while improving key financial indicators such as earnings per share and dividend per share. Upon completion of the repurchase activities, the shares acquired will be cancelled, thereby reducing the total number of outstanding shares.
The maximum amount allocated for the first phase of the buyback programme has been set at €531.91 million. The bank anticipates acquiring a maximum of 91,471,515 shares during this initial phase. This number will be adjusted based on the treasury shares currently held by the bank at the time of the announcement, in accordance with the restrictions mandated by Law 4548/2018.
Timeline and Regulatory Compliance
The first phase of the programme is expected to continue until June 8, 2027. However, it is important to note that this timeline may be subject to early termination provisions, which could be invoked by the bank, Goldman Sachs, or Morgan Stanley depending on prevailing circumstances.
All share repurchases will be conducted on Euronext Athens and will comply with the applicable legal and regulatory framework. Furthermore, the transactions will be executed within the scope of guidelines and recommendations set forth by both Greek and European supervisory authorities.
Market Transparency and Future Phases
The National Bank of Greece has committed to disclosing completed transactions to the market, ensuring transparency throughout the process. Investors will also be kept informed of any changes regarding the implementation of the 2026 share buyback programme in accordance with the applicable legislation.
Looking ahead, the bank has indicated that the launch of the second phase of the 2026 share buyback programme will follow once all necessary regulatory approvals have been secured, signalling a continued commitment to enhancing shareholder value.
