BUSINESS

Piraeus Bank shareholders agree to EUR 1.05 bln capital increase

Piraeus Bank, the fourth largest bank of Greece, yesterday obtained its shareholders’ agreement to increase its capital by issuing new stock and convertible bonds worth EUR 1.05 bln, Mediafax reports. “We isolate our capital from any potential risk,” said the bank’s Chairman Michael Sallas, in the shareholders meeting. The details of the operations will be announced on January 3rd, he added. Stockholders gave green light to issuing preemption rights worth EUR 800 M and convertible bonds worth EUR 250 M, which takes the capital increase up to a total EUR 1.05 bln. Piraeus currently has a market value of EUR 1.26 bln.

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