HFSF getting ready for divestment

Focused on providing a sustainable financial environment and safeguarding the stability of the Greek banking system, HFSF’s mission is to prepare the systemic banks for divestment transactions on commercial terms, when timing and valuation are appropriate, in line with public interest.

As part of the preparation for ultimately divesting its holdings, HFSF recognizes the need for transparency and clarity regarding its powers, objectives and actions, and its Stewardship Policy publication is part of this process. It outlines the engagement procedures and actions among the Fund and banks’ BoDs and management, EU and national authorities (regulators, supervisors) and also shareholders, existing and future.

In addition, the Fund seeks to establish a supportive and constructive relationship with the boards of the banks in which it invests, and in general will only intervene where the Fund believes that a bank’s actions or practices might put at risk its ability to achieve the conditions necessary for divestment. The Fund, as per its Voting Policy , will only consider going against a management resolution or tabling or supporting a shareholder resolution if it is not possible to resolve its concerns through the means described in Stewardship Policy.

HFSF as a responsible shareholder has a strategic focus on reinforcing the Greek banking sector by:

  • de-risking balance sheets
  • achieving sustainable profitability
  • ensuring application of best practice ESG-standards with the aim of returning systemic banks to private ownership