Piraeus says to get 10 pct private investor take-up of offering

Greece’s Piraeus Bank is confident that private investors will subscribe to at least 10 percent of its planned share offering, its chairman said on Thursday, which would ensure the bank remains privately run.

“We are certain, based on the indications we have, that we will reach 10 percent,» the bank’s chairman Michalis Sallas told a shareholder meeting.

Under their planned recapitalization, Greek banks will issue contingent convertible bonds or CoCos and new shares. To stay privately run, at least 10 percent of the share offerings must be taken up by the market. [Reuters]