HFSF opts for two-stage sale of Eurobank

The plan for the future of state-owned lender Eurobank Ergasias provides for its return to the private sector not in one but in two stages, Kathimerini understands, and it has already received the preliminary approval of the Hellenic Financial Stability Fund (HFSF), which controls the bank.

While still at the fine-tuning stage, the plan for Eurobank concerns the entry of a foreign strategic investor from the private sector with an initial stake of 30 to 40 percent, through a share capital increase that could take place in the first quarter of next year, as the preparations needed render any earlier date practically impossible. That stake will increase to form a majority at a later date.

The foreign investor would preferably be an institutional portfolio or come from the world of private equity funds. This means that proposals coming from hedge funds will not even make it to the table. Any previous investments in banks or a joint bid with a major foreign lender are considered advantages.