Wednesday Jul 30, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Over 270 investors chose Eurobank

 Management, HFSF express satisfaction with successful completion of share capital increase

By Yiannis Papadoyiannis

Investor response to Eurobank’s share capital increase has exceeded expectations as it was three times oversubscribed. Offers exceeded 8 billion euros against the 2.86 billion that the bank was aiming for. The price of the new shares was shaped at 0.31 euros per share.

A total of 9.238 billion new shares were issued, of which 8.3 billion (i.e. 90 percent) went to foreign investors and 923 million to Greeks. The international supply part was covered more than three times while the Greek 1.4 times. Trading of the new shares is scheduled to start on May 9.

Eurobank officials made no secret of their satisfaction with the outcome of the process, highlighting the high quality of the investors that took part. About 270 investors from the US, Canada, Europe and Asia participated. Besides a group of strategic investors who acquired a 35 percent stake in the lender, half of the participating investors are long-term institutional investors, as well as state portfolios from Europe and Asia.

As expected, the increase was covered completely by private funds, signalling the return of Eurobank to private hands. The private sector’s stake now amounts to 65 percent as that of the Hellenic Financial Stability Fund (HFSF) has been reduced from 95 percent to 35 percent.

Eurobank Chief Executive Officer Christos Megalou said on Tuesday that “the successful completion of the increase constitutes a vote of confidence in the prospects of the bank and the Greek economy. Eurobank is therefore becoming the first Greek bank to obtain a private majority in its capital base. This development is a landmark in the process of the recapitalization of the Greek banking system.”

Likewise, Anastasia Sakellariou, the chief executive of the HFSF, said that “the strong support and participation in the increase from the international and Greek investment community are particularly satisfactory and we wish to thank and welcome the new shareholders. The high level of quality and demand, as well as the participation of long-term institutional investors, international state investment funds and the group of institutional investors has been impressive.”

ekathimerini.com , Tuesday April 29, 2014 (22:55)  
Deals reached for twin plot on Afandou, for 42 million
More delays and red tape for companies’ tax rebates
Greek shipowners continue to invest in fleet renewal
Trainose sale is not on track
Troika review in Athens unaffected by Paris meeting
A meeting between troika and Greek government officials in Paris at the beginning of September does not mean that representatives of Greece’s lenders will not then travel to Athens to carry ...
Soldiers set to sue over wages
Members of the armed forces and emergency services look set to take legal action to have their wages restored to pre-2012 levels after the government suggested it would not raise their pay t...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
COMMENTARY
Through insecurity comes optimism
Prime Minister Antonis Samaras recently expressed his optimism regarding the quota of 180 Parliamentary deputies required for the election of Greece’s next president, in order for the countr...
EDITORIAL
Futile policy
The policy that Israel has been pursuing vis-a-vis the Palestinians is wrong and futile. Current tactics have failed to resolve the security issue and, at the same time, they are rapidly dra...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Deals reached for twin plot on Afandou, for 42 million
2. More delays and red tape for companies’ tax rebates
3. Greek shipowners continue to invest in fleet renewal
4. Trainose sale is not on track
5. Industry asks for gov’t intervention
6. Troika review in Athens unaffected by Paris meeting
more news
Today
This Week
1. Greece names fifth privatization agency chief in four years
2. Archaeological council bans international climbers' gathering at Meteora
3. World’s largest solar boat on Greek mission
4. Venizelos to meet Nimetz in Athens
5. Tsipras discusses Cyprus with Anastasiades in Athens
6. More than 120,000 households to receive special benefit
Today
This Week
1. Unequal after death
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
4. Quadriplegic woman on life support 'dies due to unpaid power bills'
5. Front-line threats
6. Greek coast guard picks up 77 migrants off Myconos
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.