The National Bank of Greece will cancel 11.58 million of its own shares on September 17. The move will reduce the number of outstanding shares and change the bank’s capital structure.
NBG bought the shares through its share buyback program between June 2025 and March 2026. It paid an average of €12.6171 per share. The total cost reached about €146.1 million. The 11,580,849 shares represent about 1.27 percent of the bank’s share capital.
What Happens to the 11.6 Million Shares
The cancellation will cut NBG’s share capital by €11.58 million.
After the cancellation, NBG will have 903,134,304 ordinary shares. The bank will then carry out a separate capital restructuring.
NBG says the cancellation follows common practice among listed companies. The bank also expects the move to improve key per-share figures, including earnings per share.
The cancellation forms part of NBG’s wider share buyback program. Shareholders approved the program in 2025. It allows the bank to buy back shares worth up to €174 million through May 2027.
NBG has continued its buyback activity. Between September 4 and September 11, the bank bought another 300,000 of its own shares, according to recent filings. Its directly held treasury shares then exceeded 26 million.
Why the Nominal Value Will Rise to €3
NBG will also change the nominal value of its shares.
The bank will transfer €1.806 billion from its share premium account to share capital. This will raise the nominal value of each remaining ordinary share from €1 to €3.
The move does not bring €1.806 billion in new money into NBG.
Instead, the bank is carrying out an internal accounting and corporate restructuring. NBG says the change will not affect its total net equity or the proportional ownership of its shareholders.
After the restructuring, NBG’s share capital will stand at about €2.71 billion. It will consist of 903,134,304 ordinary shares, each with a nominal value of €3.
The two measures will change the number and structure of NBG’s shares without raising new capital. They form part of the bank’s broader approach to managing its capital and returning capital through share buybacks.
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