Greece's bank bailout fund initiates stake sale in Piraeus Bank (updated)

Piraeus Bank SA

03/03/2024 22:02

(Adds total stake to be sold, source, coordinators throughout)
       ATHENS, March 3 (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.

 (Reporting by Angeliki Koutantou and Lefteris Papadimas;
Editing by Mark Porter)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))