Piraeus announces 4.933-bln-euro share capital increase plan
Piraeus Bank on Tuesday announced a share capital increase plan to drain up to 4.933 billion euros through the issuance of new shares and called for a general shareholders’ meeting for November 15 to approve the plan.
The bank will issue new common nominal shares to drain up to 4.933 billion euros (of which 2.213 billion under the base scenario and 2.720 billion euros under the adverse scenario of the stress tests conducted by SSM). The capital boosting scheme will be covered with cash or through the capitalization of liabilities or/and contribution in product and abolishing the rights of existing shareholders.
The general shareholders’ meeting will also decide on a plan to issue a contignent convertible securities bond loan up to 2.040 billion euros (covering up to 75 pct of the difference from the base scenario of the stress test) to be exclusively covered by Hellenic Financial Stability Fund.
The bank will also proceed with a reverse split of its shares.
You may be interested
Things to do when visiting Paleokastritsa, CorfuPanos - Jul 21, 2017
Paleokastritsa in Corfu Greece is one of those places that has an otherworldly appeal. Located in the northwest coast of…
Kos airport management reports says facility operating normally, safely; only minor delays citedPanos - Jul 21, 2017
Fraport Greece on Friday morning assured that the airport on the quake-hit island of Kos is operating normally and safely…
Inaugural sale of Greek bank’s NPL portfolio set for AugustPanos - Jul 21, 2017
The inaugural sale of a portfolio of "bad debt" held by Greece's systemic banks is expected in early August, with…