National Bank of Greece initiates €531 million share buyback program

The National Bank of Greece (Ethniki Trapeza) has started the first phase of its 2026 Share Repurchase Programme, authorising purchases worth up to €531.9 million. The programme is split into two tranches—€231.9 million and €300 million—and targets the acquisition of up to 91,471,515 of its own shares, which will later be cancelled to reduce the number of shares outstanding.

The buy‑back is designed to lift earnings per share and dividend per share for shareholders. Implementation runs through the Euronext Athens market under the oversight of the European Central Bank’s Single Supervisory Mechanism, the Hellenic Financial Stability Fund and the bank’s board. Goldman Sachs Bank Europe SE will handle the first tranche and Morgan Stanley Europe SE the second, each acting independently on timing and pricing. The first tranche may run until 8 June 2027, with the possibility of early termination.

The operation does not change loan terms for borrowers but signals capital strength and aims to enhance the bank’s market valuation.