HFSF sets Piraeus Bank share price at 4 euros
Greece’s bank bailout fund (HFSF) on Wednesday set the price for the sale of its 27% holding in Piraeus Bank at 4 euros per share, valuing the stake at €1.35 billion.
The sale, part of a wider re-privatization of Greek banks bailed out during the debt crisis, attracted strong demand and was more than eight times oversubscribed, a source told Reuters.
The valuation was at the top end of the original pricing indication of €3.7-€4. 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, the country’s third largest lender, is the third of four big banks to be privatized since last fall after Greece won back its investment grade credit rating.
Share allocations are likely on Thursday, another source said.
