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MarketScreener Homepage  >  Equities  >  ATHENS STOCK EXCHANGE  >  Piraeus Bank S.A.    TPEIR   GRS014003024

PIRAEUS BANK S.A.

(TPEIR)
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Piraeus Bank S A : gets shareholder approval for 1 bln euro equity offering

04/07/2021 | 12:06pm EDT

ATHENS, April 7 (Reuters) - Piraeus Bank, one of Greece's four largest lenders, got the green light for a planned equity offering to raise about 1.0 billion euros ($1.19 billion) from shareholders at an extraordinary meeting on Wednesday.

The bank, 61.3% owned by Greece's bank rescue fund, the Hellenic Financial Stability Fund (HFSF), has said the offering of new shares will dilute the HFSF's stake to a minority holding without any blocking power, meaning below 33%.

Chief Executive Christos Megalou told shareholders that the plan would help the bank to cut the ratio of bad loans within its overall debt portfolio.

"The reduction of our stock of non-performing exposures (NPEs) is the priority of the 'Sunrise' plan ... to get us to a single-digit NPE ratio," Megalou said.

Piraeus Bank's NPE ratio at the end of last year was 45%, not counting two securitisations that will be concluded later this year.

He said cleansing of the bank's balance sheet of bad loans would "allow the sustainable funding of Greece's economy".

The bank said 99.3% of shareholders at the meeting voted in favour of the plan to issue new shares.

The equity offering will be a combined international placement with institutional investors via bookbuilding, and a domestic public offering that will take place simultaneously.

The issue price of the new shares will be determined in the bookbuilding and will be the same for both institutional and domestic investors.

($1 = 0.8408 euros) (Reporting by George Georgiopoulos; Editing by Jan Harvey)


Reuters 2021
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Financials
Sales 2021 1 852 M 2 206 M 2 206 M
Net income 2021 -542 M -645 M -645 M
Net Debt 2021 - - -
P/E ratio 2021 1,26x
Yield 2021 -
Capitalization 244 M 291 M 291 M
Capi. / Sales 2021 0,13x
Capi. / Sales 2022 0,14x
Nbr of Employees 10 429
Free-Float 68,4%
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Technical analysis trends PIRAEUS BANK S.A.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 8
Average target price 1,26 €
Last Close Price 0,29 €
Spread / Highest target 410%
Spread / Average Target 327%
Spread / Lowest Target 189%
EPS Revisions
Managers and Directors
NameTitle
Christos Ioanni Megalou Chief Executive Officer & Executive Director
Theodore Gnardellis Chief Financial Officer & Executive GM
George P. Handjinicolaou Non-Executive Chairman
Jannis Delis Head-Group Technology
Dimitris Mavrogiannis COO & Executive General Manager
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