ECONOMY

Huge turnout for Piraeus Bank recap

Piraeus Bank’s share capital increase exceeded expectations as its completion on Wednesday saw a remarkable 19.83 percent covered by private investors, against a minimum requirement for 10 percent for the lender to remain in private hands after its recapitalization process.

Piraeus announced on Wednesday that private participation reached 1.455 billion euros. The bank’s total estimated capital requirements are 7.335 billion.

After the completion of the process, the bank’s value is now estimated at 9 billion euros, with a capital adequacy ratio of 14.5 percent.

After the absorption of six bank networks in Greece over the last few months (ATEbank, Geniki, Millennium, Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank), Piraeus is now the lender with the biggest market share in loans issued (29.6 percent) and deposits (28.9 percent).

Its equities add up to almost 100 billion euros, it has a network of 1,750 branches and employs 24,756 people.