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.


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