HFSF’s Divestment Strategy: A Milestone for the Greek Economy

Over the last year, the Hellenic Financial Stability Fund (HFSF) successfully undertook one of its most critical mandates: responsibly disinvesting from four major systemic Greek banks (Eurobank, Alpha Bank, Piraeus Bank, and the National Bank of Greece) via five transactions. While the initial divestments of Eurobank (buy back) and Alpha Bank (direct selling) in October 2023 served as testing points to analyse public sentiment and to refine strategy, the campaign's primary focus was on three high-stakes public offerings – two for the National Bank of Greece (November 2023 and October 2024) and one for Piraeus Bank (March 2024). These transactions required maintaining public trust, maximizing investor interest, and highlighting HFSF’s role in Greece’s economic stabilization.

V+O developed and executed a multi-tiered communication campaign to position HFSF as a key enabler of Greece’s banking recovery and attract substantial investor interest. By combining macro-level storytelling with tailored messaging for each public offering, the campaign achieved exceptional results: oversubscription rates of up to 8x, €2.9 billion raised, and extensive positive media coverage. Leveraging media relations, roadshows, ATL campaigns, and digital outreach, V+O crafted a narrative showcasing HFSF’s role in Greece’s economic transformation. The campaign was pivotal in driving investor confidence, marking a milestone in HFSF’s legacy while strengthening the Greek banking sector’s global image