Piraeus Bank’s return to full private ownership this March was a landmark event in Greece’s long recovery after the eurozone sovereign debt crisis. Its size, and the extent of its previous troubles, had demanded large injections of funds from Greece’s bailout vehicle, the Hellenic Financial Stabilization Fund (HFSF), during the crisis years.
But a €1.35 billion fully marketed offering this March, in which the HFSF sold its entire 27% stake in Piraeus, was several times oversubscribed and at a premium to the undisturbed price.
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