Piraeus Bank launches book-building process
Piraeus Bank on Wednesday announced a board decision to call for an extraordinary general shareholders’ meeting on November 15 to approve a share capital increase plan worth 4.9 billion euros.
The shareholders’ meeting will be asked to approve a share capital increase plan through issuing new common nominal shares without existing shareholders’ rights, to be covered fully in cash by private investors, a liability management exercise –currently underway- and the issuing of new common nominal shares and a convertible bond issue for the Hellenic Financial Stability Fund, along with a reverse split at a ratio of one new for 100 existing shares.
The board seeks to drain up to 4.933 billion euros from the market and to cover its capital needs from the AQR and the stress test under the base scenario. The bank has the option to raise the capital increase plan depending on the interest of investors, while the minimum per share price will be 0.30 euros.
The capital boosting scheme will begin with a book building process to institutional and other selected investors.
Deutsche Bank London branch and UBS Ltd will act as joint process banks and joint global coordinators and joint bookrunners, while Credit Suisse Securities (Europe) Ltd will act as joint global coordinator and joint bookrunner, while Euroxx Securities and Mediobanca-Banca de Credito Finanziario SpA will act as joint bookrunners.
You may be interested
Turkish deputy-Prime Minister accuses Greece of oppressing religious minorities in latest Turkish tirade against Greecemakis - Nov 17, 2017
Turkish Deputy Prime Minister Bekir Bozdag accused Greece of imprisoning Muslim Imams, despite the country being a member of the…
Greek PM says country would rely on itself to face flood disastermakis - Nov 17, 2017
Greek PM Alexis Tsipras thanked European countries for offering to help after the flash floods in western Attica, Wednesday, which…
US meteorologist explains deadly storm that flooded Greek townsmakis - Nov 17, 2017
“When the Atlantic hurricane season begins to quiet down in late October and November, it’s time to cast an eye…