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GreekReporter.comBusinessPiraeus Bank Raises $1.66 Billion Though Equity Offering

Piraeus Bank Raises $1.66 Billion Though Equity Offering

Piraeus Bank
Piraeus Bank

Piraeus Bank, one of Greece’s four big lenders, raised a total of 1.38 billion euros ($1.66 billion) through the capital increase process last week.

In a press statement the Bank announced that it has successfully completed the
combined offering of 1,200,000,000 new ordinary registered voting shares, each having a
nominal value of €1.00.

“Based on the results of the three-day book-building process, following consultation with the Joint Global Coordinators of the Institutional Offering (Goldman Sachs Bank Europe SE and UBS Europe SE), the Board of Directors of Piraeus set the offer price at €1.15 per New Share,” the Bank says.

As a result, Piraeus is expected to generate gross proceeds of €1.38 billion from the combined offering.

“We are very pleased with the response to our capital raise,” Christos Megalou, Piraeus Group’s CEO, commented.

“The successful completion of the share offering, as well the quality and pluralism of the participating investors, is a vote of confidence to Piraeus Group and its strategy and to the prospects of the Greek economy,” he added.

“This capital raise will enable Piraeus Bank to pursue its ultimate target for a definitive balance sheet clean-up in the next 12 months and fuel its ambition to be a strong, future-fit, well-capitalized bank, superiorly positioned to support the Greek economy as it recovers from the pandemic,” Megalou said.


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