**National Bank of Greece Launches First Phase of Buyback Plan**
The National Bank of Greece (NBG) has officially initiated the first phase of its anticipated 2026 share buyback programme, marking a significant step in its strategy to enhance shareholder value. This decision comes after receiving the necessary approvals from both shareholders and regulatory authorities.
The groundwork for this buyback programme was laid during the annual general meeting of shareholders, which took place on April 30, 2026. The programme is being executed in compliance with the provisions set out in Law 4548/2018, which governs corporate actions in Greece. Additionally, the bank's board of directors has granted approval for the implementation of this phase, acting under the authority delegated by the general meeting.
Key endorsements for the buyback plan have also been secured from the Hellenic Corporation of Assets and Participations and the Single Supervisory Mechanism (SSM) of the European Central Bank (ECB). These approvals are crucial as they ensure that the programme adheres to the regulatory standards expected of financial institutions operating within the European Union.
The first phase of the buyback programme will be executed in two distinct parts, with oversight from Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE. Each institution will operate independently, making autonomous decisions regarding the timing and pricing of share transactions. This independent approach is designed to optimize the buyback process while maintaining compliance with market regulations.
The primary objective of this initial phase is to enhance returns for shareholders and improve key financial metrics, specifically earnings per share (EPS) and dividends per share (DPS). Upon completion of the share repurchases, the acquired shares will be cancelled, which is expected to contribute positively to the bank's overall financial health.
The financial framework for this buyback initiative is substantial, with a maximum allocation of €531.91 million designated for the first phase. The bank intends to acquire up to 91,471,515 shares; however, this number will be adjusted based on the treasury shares already held by the bank at the time of the announcement, in accordance with the stipulations of Law 4548/2018.
The duration of the first phase is set to extend until June 8, 2027, although it is subject to early termination provisions. Such provisions may be invoked by NBG, Goldman Sachs, or Morgan Stanley, depending on market conditions and other relevant factors.
Share repurchases will take place on Euronext Athens, ensuring that all transactions comply with the applicable legal and regulatory framework. The bank has committed to transparency, stating that all completed transactions will be disclosed to the market. Furthermore, NBG has assured investors that they will be kept informed about any changes related to the implementation of the 2026 share buyback programme, in line with existing legislation.
Looking ahead, the National Bank of Greece has indicated that the launch of the second phase of the buyback programme will proceed once the necessary regulatory approvals are obtained. This phased approach underscores the bank's commitment to maintaining strong governance and regulatory compliance while pursuing strategies aimed at maximizing shareholder value.
As the financial landscape continues to evolve, the National Bank of Greece's proactive measures in launching this buyback programme reflect its dedication to bolstering investor confidence and enhancing its market position. The successful execution of this initiative will be closely watched by market participants and analysts alike, as it may set a precedent for similar actions by other financial institutions in the region.