State set to fully divest from Piraeus Bank
The results announced by Piraeus Bank for 2023 and the publication of the business plan for the next three years, which provides for record profits of 1 billion euros per year for the period 2024-2026, are key arguments in favor of the full divestment of the state from the lender where bank bailout fund HFSF controls 27%.
High profitability paves the way for a dividend payout of 25% on 2024 earnings and 50% annually in 2025-26, a prospect that is fueling investor interest and “facilitating,” according to estimates, the disposition of the entire 27% stake.
The relevant decisions on the exact percentage, as well as the sale price, are expected on the weekend before the start of the public offer, which will start – rather unexpectedly – on Monday, March 4, in order for the offer book to be closed within the first week of the following month.
The offering price is certain to offer a discount to the stock’s close on Friday, March 1, but the price range is what will also determine investor demand, with interest expected to be keen following lofty earnings targets and the dividend distribution set by the management in the new business plan announced last week.
