Piraeus Bank announces completion of bond swap programme
Piraeus Bank on Thursday announced the successful completion of a bond swap programme which boosted its capital base by around 600 million euros.
The bank said its bond swap offer was accepted by the majority of its creditors. So far bondholders, with a portfolio worth 493 million euros, have accepted the offer with acceptance rate remaining above the margin set to avoid an obligatory conversion of these bonds to shares.
Piraeus Bank expects a total capital boost of 593 million euros from the process, covering a significant part of the base scenario capital needs (2.2 billion euros).
The bank on Wednesday launched a book building process seeking to drain 1.6 billion euros from the sale of common shares to private investors.
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