BUSINESS

Alpha and Piraeus start capital increase process

Alpha and Piraeus banks announced on Monday the start of their book-building with an aim to increase their share capital and cover their additional requirements as determined by the Bank of Greece a few weeks ago. The definitive decisions will be made at the extraordinary general meetings of the two lenders on March 28.

Alpha confirmed just after the closing of the bourse that it will begin the procedure for its increase on Friday, aiming at the collection of 1.2 billion euros.

Piraeus announced that its “board of directors will seek authorization from the scheduled extraordinary general meeting of shareholders, which will convene on March 28 to proceed with the offering and determine its timing and specific terms and intends to propose a total proceeds amount of up to 1.75 billion euros”.

According to sources, Piraeus’ book will likely close as soon as late Tuesday or early Wednesday, while interest in Alpha is also considerable.

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