ECONOMY

Alpha confirms plan to raise 800 million euros

alpha-confirms-plan-to-raise-800-million-euros

Alpha Bank on Monday confirmed that it plans to raise about 800 million euros in a sale of new shares to capitalize on lending opportunities at home as European Union recovery funds will flow in.

The strategy update helped the bank’s shares rebound from a plunge of over 27% on Friday, rising 10.79% by Monday’s closing.

The planned share sale will take place via a bookbuilding to international institutional investors and a public offering in Greece, targeting completion by mid-July, the bank said.

Alpha Bank, about 11% owned by Greek bank rescue fund HFSF, said current shareholders’ pre-emptive rights to the offering would be canceled but priority would be given to existing shareholders. [Reuters]