Alpha Bank opens its bid books on Monday
Monday marks the start of the combined bidding process in Greece and abroad for the Alpha Bank share capital increase up to the amount of 800 million euros, aimed at giving the lender a capital boost for supporting its growth plan.
Codenamed “Tomorrow,” the Alpha business plan serves the targets of an €8 billion credit expansion by 2024, return to profits from next year and maintaining the capital adequacy index above 16.5%, despite the acceleration of the bank’s streamlining plan with five securitization transactions and sales totaling €8.1 billion.
Priority in the distribution of the new shares is granted to all existing bank shareholders who participate in the capital increase. According to the bulletin, approved late on Friday by the Capital Market Commission, 80% of the new shares will be for private placements through a book of bids from abroad, with the other 20% as a public offering in Greece. Small domestic shareholders account for 14% of Alpha, while another 8% belongs to Greek institutionals.
The maximum price has been set at €1.20 per share, which constitutes the guidance for the capital increase mainly for local shareholders.
