© Reuters. FILE PHOTO: A man walks past a Bank of Piraeus branch in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi/File Photo
ATHENS (Reuters) – Greece's bank rescue fund will launch an offer on Monday for the sale of a stake of up to 22% in Piraeus Bank, but it could be increased if the fund so decides, it said on Sunday.
The shares will be sold to Greek investors through a public offering in Greece and to foreign investors through a private placement, the Hellenic Financial Stability Fund (HFSF) said in a statement.
The offer will be made from March 4 to 6 at a price range set between 3.7 and 4 euros per share, HFSF said.
Two sources close to the process told Reuters last month that HFSF was likely to sell its entire 27% stake in the bank by early March.
Another source close to the deal said on Sunday that foreign investors were expected to take a 20% to 25% stake in the lender, while investors in Greece could buy an additional 2%.
BofA Securities, Goldman Sachs Bank and UBS are acting as joint coordinators of the offer to foreign investors, according to the HFSF.
