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]