Piraeus and Alpha banks kick off share capital increase

Two of Greece’s four systemic banks, Alpha Bank and Piraeus Bank begun their recapitalisation processes.

The two banks announced the commencement of their book-building in order to increase share capital and cover capital needs privately.

The final decisions will be made at extraordinary general meetings to be held by the two banks on March 28.

Alpha Bank announced that it will begin the procedure for its increase on Friday, aiming at the collection of 1.2 billion euro while Piraeus Bank said its “board of directors will seek authorisation from the scheduled extraordinary general meeting of shareholders, which will convene on March 28 to proceed with the offering and determine its timing and specific terms and intends to propose a total proceeds amount of up to 1.75 billion euro”.

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(Photo: Mattes)