BANKING

Support for Alpha Bank capital boost plan

support-for-alpha-bank-capital-boost-plan

The majority of Alpha Bank shareholders support management’s plan to boost capital via an equity offering and intend to take part, two banking sources close to the planned transaction told Reuters on Wednesday. 

“The majority of shareholders support management’s vision and intend to take part in the offering,” one of the bankers said, declining to be named. 

Alpha plans to raise about €800 million in a sale of new shares to capitalize on lending opportunities at home as European Union recovery funds start flowing in. 

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