Piraeus announces 4.933-bln-euro share capital increase plan

4 November 2015
136 Views

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

Greece-Cyprus-Jordan trilateral to focus on energy and Cypriot issue
GREECE
shares43 views
GREECE
shares43 views

Greece-Cyprus-Jordan trilateral to focus on energy and Cypriot issue

Panos - Jan 16, 2018

Greece, Cyprus and Jordan are expected to sign the declaration on the Cypriot issue and natural gas, among other agreements…

144K more jobs created in Greece in 2017 than lost; majority low-paying part-time employment
FINANCE
shares45 views
FINANCE
shares45 views

144K more jobs created in Greece in 2017 than lost; majority low-paying part-time employment

Panos - Jan 16, 2018

New job spots exceeded redundancies in Greece over the previous year, 2017, by nearly 144,000, according to figures released on…

Protests and clashes in Athens as parliament passes more reforms
GREECE
shares44 views
GREECE
shares44 views

Protests and clashes in Athens as parliament passes more reforms

Panos - Jan 16, 2018

An estimated 20,000 people protested outside the Greek parliament on Monday where lawmakers passed a package of reforms demanded by…

Leave a Comment

Your email address will not be published.