Greek rescue fund cuts stake in Alpha Bank to 9%

Photo: EPA

The Greek state rescue fund for troubled banks HFSF announced it had taken part in local Alpha Bank's 800 million euro share offering only partially and thus decreased its stake to 9% from previous 11%. The fund still remained the biggest stockholder in the financial institution, Reuters elaborated.

"The fund remains Alpha Bank's largest shareholder, proving its trust in the bank's management and its future," The Hellenic Financial Stability Fund said in an official statement. HFSF which holds stakes in the biggesr Greek banks - Piraeus, National, Eurobank and Alpha - after taking part in three recapitalisations, was advised by UBS Europe and Societe Generale on its participation in Alpha Bank's equity offering. The share disbursement with institutional investors was oversubscribed about two times and was priced at one euro per share. The public offering in Greece and the international placement with institutional investors through bookbuilding was enforced in parallel and were completed as planned. Goldman Sachs and JPMorgan acted as joint global coordinators and joint bookrunners, with Citigroup the senior joint bookrunner and Barclays and Axia Ventures joint bookrunners.

 

Similar articles

  • Bundesbank President Weidmann wants a limited role initially for digital euro

    Bundesbank President Weidmann wants a limited role initially for digital euro

    A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday, cited by Reuters. "A gradual approach might make sense given the risks involved – that means a digital euro with a specific set of features and the option to add further functionalities later," Weidmann, who is member of the European Central Bank (ECB) Governing Council, told a conference.

    66
  • European banks book €20bn in tax heavens

    European banks book €20bn in tax heavens

    The European banks are very far from halting operations with tax heavens to book their profits. This practice was little changed since 2014 even after country by country disclosures are becoming mandatory, the EU Tax Observatory noted in an official report.

    65
  • PayPall allows crypto deals for UK clients

    PayPall allows crypto deals for UK clients

    The payments platform PayPal announced it would allow its clients based in UK to buy and sell cryptocurrencies. Until now PayPal only allowed its US customers to trade in crypto asstets. The company sees its UK expansion in digital money trading as a milestone in its cryptocurrency services, Reuters reported.

    80