Piraeus covers capital raise to clean up NPL portfolio

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By Sam Kerr
21 Apr 2021

Piraeus Financial Holdings, the Greek holding company which owns Piraeus Bank, has launched a capital raise to give it the firepower needed to offload non-performing loans and has already secured enough demand on one morning of book-building to cover the deal.

Piraeus is selling 1.2bn shares in the raise at a price of between €1 and €1.15 each, sizing the transaction at €1.2bn at the bottom end of the range and €1.38bn at the top.

At just around 12:45pm UK time, banks sent out a message that the deal ...

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