In Greece, NBG cancels 11.58 million shares and will raise par value to €3 — Cyprus Mail
The National Bank of Greece (NBG) will cancel 11,580,849 repurchased shares, representing 1.27% of its share capital, and will raise the nominal value of the remaining shares from €1 to €3. The changes were approved by the European Central Bank’s Single Supervisory Mechanism, while the amendments to the articles of association were registered with Greece’s General Commercial Registry, Cyprus Mail reports.
Cancellation of repurchased shares
The shares scheduled for cancellation on September 17, 2026, were acquired by the bank under a share buyback programme between June 4, 2025, and March 27, 2026. The weighted average price per share was €12.6171, while the total acquisition cost was €146.12 million.
Following the cancellation, NBG’s share capital will decrease by €11.58 million to €903.13 million. It will be divided into 903,134,304 ordinary registered shares with a nominal value of €1 each until the next stage of restructuring. The bank said that reducing the number of shares outstanding should improve per-share metrics, including earnings per share.
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Change in capital structure
Separately, NBG will capitalize €1.81 billion from the share premium account. This will increase the nominal value of each ordinary registered share by €2, to €3, while the share premium account will decrease by the same amount.
According to the bank, the transaction is an internal accounting and corporate restructuring rather than a raising of new funds. It will not change NBG’s total net equity or shareholders’ stakes. Following the increase, the share capital will amount to €2.71 billion, divided into 903,134,304 shares with a nominal value of €3.
Buyback programme continues
The buyback programme, approved by shareholders on May 30, 2025, provides for the purchase of shares worth up to €174 million by May 30, 2027. Under a separate tranche from September 4 to 11, 2026, NBG acquired another 300,000 shares on Euronext Athens at a weighted average price of €17.5851, spending €5.28 million. After these transactions, the bank directly held 26,067,203 treasury shares, or 2.85% of its share capital; these are also planned to be cancelled in accordance with Greek law.
