Piraeus Bank €1.3 billion share capital increase

Overview:

• The Piraeus Bank has conducted a €1.34 billion offering of ordinary registered shares to individual and other selected investors for cash in order to raise additional capital to meet the requirement of the single supervisory mechanism (SSM)'s baseline scenario. 
• Piraeus Bank is the largest financial group in Greece.
• The transaction included contingent convertibles (CoCos) among the securities issued.
• The bank was also implementing a series of capital-enhancing actions along with this transaction, including a €4.933 billion recapitalisation completed in December 2015.
• Deutsche Bank and UBS Investment Bank were the underwriters in this deal.

Wai Yee Tsang - Journalist