National Bank of Greece S.A.: Commencement of Share Buyback Program

National Bank of Greece S.A. (the Bank), announces to investors the commencement of the implementation of the first tranche of a share buyback program (Tranche I ). 

Tranche I will be executed pursuant to the approval granted by the Annual General Meeting of shareholders held on 30 May 2025 (the AGM), in accordance with the provisions of article 49 of Greek law 4548/2018, and the relevant authorisations granted by the AGM to the Board of Directors of the Bank; the related approvals granted as required by the applicable legal and regulatory framework, including the approval of the Single Supervisory Mechanism (SSM) of the European Central Bank (ECB) on 28 May 2025; and the relevant decisions of the Board of Directors. 

Tranche I will be led by Goldman Sachs Bank Europe SE (Goldman Sachs), who will independently make trading decisions concerning timing and pricing, under the following terms:  

Purpose: The purpose of Tranche I is to enhance the return of the Bank's shares to its shareholders and to enhance the "Earnings per share" and "Dividend per share" ratios and subsequently cancel the shares purchased.

Maximum pecuniary amount: Goldman Sachs has been instructed to purchase shares with an aggregate value up to a total of €174,000,000. 

Shares cap: The maximum number of shares to be acquired under Tranche I is 34,800,000 shares of the Bank, which corresponds to 3.80% of the Bank’s share capital. 

Duration of execution: Tranche I will continue for a period of up to 12 months, from 4 June 2025 to 28 May 2026, and is subject to customary termination provisions which may be exercised by the Bank or Goldman Sachs, as applicable. 

Execution procedures: Share buybacks will be carried out on the Athens Exchange in accordance with the applicable legal and regulatory framework, and in any case within the framework of the directives and recommendations issued by the Greek and European supervisory authorities.

The transactions completed will be disclosed to the market and the Bank will duly inform investors of any subsequent change to the execution of the share buyback program, in accordance with applicable legislation.

The commencement of the implementation of the second tranche  of the share buyback program will follow upon receipt of the requisite regulatory approvals.

This announcement is issued in accordance with the Athens Exchange Regulation, Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016.