BUSINESS

Raising funds could be tricky at the moment for Piraeus

EVGENIA TZORTZI

TAGS: Banking

International market unrest makes it harder for Piraeus Bank’s management to raise 500 million euros by year-end in line with the capital strengthening plan submitted to the European Central Bank.

While there is still time before end-2018, the bank is already studying alternative scenarios such as requesting an extension on this obligation in the hope market conditions will improve, which the ECB may approve, Bloomberg reports.

Otherwise Piraeus is considering converting CoCos into shares, though that would mean losses for the state and the Hellenic Financial Stability Fund.

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