Greece's Piraeus bank offering set at 4 euros per share, sources say (updated)

Piraeus Bank SA

06/03/2024 15:19

(Adding quote from a source, valuation, background)
       ATHENS, March 6 (Reuters) - Greece's bailout fund on
Wednesday set the price for the sale of its 27% holding in
Piraeus Bank at 4 euros per share, two sources told Reuters,
valuing the stake at 1.35 billion euros.
    The sale, part of a wider re-privatisation of Greek banks
bailed out during a decade-long debt crisis, attracted strong
demand and was more than eight times oversubscribed, one of the
sources said.
    The valuation was at the top end of the original pricing
indication of 3.7-4 euros. 
    The strong interest is a positive sign after Greece nearly
fell out of the single currency before receiving three
international bailouts between 2010 and 2015.
    Piraeus Bank, the country's third largest lender, is the
third of four big banks to be privatised since last autumn after
the Greece won back its investment grade credit rating. 
    Share allocations are likely on Thursday, the second source
said. 

 (Reporting by Lefteris Papadimas; Editing by Edward McAllister,
Kirsten Donovan)
 ((lefteris.papadimas@thomsonreuters.com; +30 210 3376477;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))