A successful Share Capital Increase of Piraeus Financial Holdings S.A.

A successful Share Capital Increase of Piraeus Financial Holdings S.A.

Athens, 23 April 2021. The successful share capital increase of Piraeus Financial Holdings S.A. (the “Company”) represents a milestone both for the journey of Piraeus Group (the “Piraeus Group”) towards robust profitability and for the return of the Greek economy to a sustainable growth trajectory.

The transaction was executed on market terms. The Hellenic Financial Stability Fund (“HFSF”), participated alongside foreign institutional investors under the same terms  in the international offering, making use of the new capabilities afforded to it by the Law and in line with its mandate to serve the public interest. The significant demand at the upper end of the price range from high quality international investors demonstrates the confidence in ambitious asset quality improvement plans set out by the Bank resulting in its ability to attract significant new capital.  This facilitated the preferential allocation of the incumbent Greek shareholders that participated in the public offering in Greece.

With this capital increase Piraeus Group secures the resources necessary to pursue its transformation plan and ambitious growth targets, enlists the support of a diverse group of private shareholders, and achieves a wider dispersion and improved marketability of its stock. The transaction boosts Management’s ongoing efforts to strengthen the Company’s balance sheet and to enhance its efficiency and profitability. The HFSF is looking forward to supporting the Bank in this journey, which serves the priorities of the Greek economy in the post-pandemic era.

With respect to the Bank’s share capital increase the HFSF for this particular phase has appointed Société Générale to act as its financial advisor, CliffordChance to act as its international counsel and Kyriakides Georgopoulos Law Firm (KG Law Firm) to act as the Greek Law counsel.

Announcement 23-04-2021 here