NBGR

Greece likely to sell Piraeus Bank stake in early March, source says

Credit: REUTERS/Bogdan Cristel

Adds second source, background

ATHENS, Feb 22 (Reuters) - Greece's bank bailout fund is likely to sell its entire 27% stake in Piraeus Bank BOPr.AT in early March, a source close to the process told Reuters on Thursday.

It will be the fourth such sale since October by the Hellenic Financial Stability Fund (HFSF) that was set up to recapitalise Greek banks during the country's decade-long financial crisis from 2008-2018.

"There is strong interest from many foreign investors," a second source with knowledge of the matter told Reuters.

Piraeus, Greece's third-largest lender, has a market value of 4.9 billion euros ($5.3 billion), which means that state-controlled HFSF could sell its stake for more than a billion euros.

Having injected about 50 billion euros into the sector, HFSF began reducing its holdings in four major Greek banks last autumn.

It sold a 20% stake in National Bank NBGr.AT and 9.4% of Alpha Bank ACBr.AT in November and a smaller stake in Eurobank EURBr.AT in October.

($1 = 0.9220 euros)

(Reporting by Renee Maltezou Additional reporting by Lefteris Papadimas Editing by David Goodman)

((renee.maltezou@thomsonreuters.com; +30 210 3376439; Reuters Messaging: renee.maltezou.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.