(Bloomberg) -- Greece is selling a 22% stake in National Bank of Greece for €5.30 a share, according to people familiar with the matter, which means that the state will receive just over €1 billion ($1.1 billion).

The Hellenic Financial Stability Fund, a bank bailout fund that holds the government’s shares, concluded a three-day process on Thursday for the sale of a stake in the lender as high as 22%, and books were covered by slightly more than eight times, said the people, who weren’t authorized to speak publicly. The official announcement is expected on Friday morning before the market opens.

Demand for the public offer was strong enough that the stability fund decided to increase the stake sale to the upper end of the offer at 22% and set the €5.30 per share level as the lowest acceptable bid. HFSF will still hold a stake of just above 18% in National Bank following the completion of the deal.

A final pricing of €5.30 per share would value the transaction at €1.06 billion, according to Bloomberg calculations. A spokesperson for the fund declined to comment. 

Greece is moving forward with its plan to sell its stakes in the country’s banks by the end of 2025. Since September, it sold its interests in Eurobank Ergasias Services and Holdings SA and Alpha Bank. HFSF also owns stakes in Piraeus Bank and Attica Bank.

(Updates to add total price to headline, first paragraph.)

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