ECONOMY

Piraeus Bank optimistic book-build can raise 1.6 bln euros

piraeus-bank-optimistic-book-build-can-raise-1-6-bln-euros

Greece's second-largest lender, Piraeus Bank, will close its book-building on its share offering by Friday at the latest and is optimistic it will raise at least 1.6 billion euros ($1.71 billion) to fill a capital hole, an official at the bank said on Tuesday.

Under the baseline scenario of the European Central Bank's health check, Piraeus needs to fill a shortfall of 2.21 billion euros. The bank generated equity capital of nearly 600 million through a debt swap offer to bondholders last week.

“The book will likely close by Friday, at the latest,” a banker at Piraeus told Reuters, declining to be named. “There is a good number of binding offers for the new shares and optimism we will meet our goal to at least cover 1.6 billion euros.”

[Reuters]