Greece’s bank bailout fund initiates stake sale in Piraeus Bank
FILE PHOTO: A man walks past a Piraeus Bank branch in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi/File Photo
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ATHENS (Reuters) -Greece’s bank bailout fund on Monday will launch an offering for the sale of a stake of up to 22% in Piraeus Bank, but could be increased if the fund so decides, it said on Sunday.
The shares will be sold to Greek investors via a public offering in Greece and to foreign investors via a private placement, the Hellenic Financial Stability Fund (HFSF) said in a statement.
The offering will take place March 4-6 at a price range that was set between 3.7 and 4 euros per share, HFSF said.
Two sources close to the process told Reuters last month that the HFSF was likely to sell its entire 27% stake in the bank in early March.
Another source close to the deal on Sunday said foreign investors were expected to acquire a stake of between 20% and 25% in the lender, while investors in Greece could buy a further 2%.
BofA Securities, Goldman Sachs Bank and UBS are acting as joint coordinators for the offering to foreign investors, HFSF said.
