The TXS announced that it has completed the disposal of all the shares it held in Piraeus Financial Holdings AE

The Public Offer, which was successfully completed today, attracted remarkable interest from both Greek and foreign investors, with the total value of the transaction reaching 1.35 billion euros.

The Chairman of the Board of Directors of the HFSF, Mr. Andreas Verykios, expressed his satisfaction for the successful completion:

“The Financial Stability Fund expresses its particular satisfaction for the successful completion of the Public Offering of its shares in Piraeus Bank. The excellent response of the international and Greek investment public is a practical confirmation of the dynamics that the Greek economy has developed and underlines the confidence in the growth prospects of Greek banks. Today’s result also vindicates the work that the Fund has carried out for more than a decade, with a focus on financial stability and the strength of the country’s banking system. I would like to warmly thank the management of Piraeus Bank for the perfect cooperation all these years, as well as the HFSF team for the preparation and successful execution of this transaction”.

The managing director of the HFSF, Mr. Ilias Xirouhakis stated: “Today the first cycle of the strategic disinvestment of the Fund from the systemic banks was completed with complete success, which leaves us with a profound feeling of satisfaction. The fourth in a row and in a very short period of time (less than 6 months), successful disinvestment, is a complete confirmation of the strategy and the basic choices of the Fund. The oversubscription of the participation in Piraeus Bank exceeded our most optimistic expectations (about 9 times for the international book, 4 times for the Greek book or about 8 times for the total offer).

Attracting, since the launch of the offering (the international book was covered on Monday 4th March in just 6 minutes from the opening), very strong interest from leading international institutional investors with quality, long-term investment funds, highlight in an emphatic way the confidence of the markets in the prospects of the Greek financial system and in the stable dynamics that the Greek economy is developing. At the same time, it is an indisputable recognition, at an international level, of the Fund’s contribution to the recovery of the banking sector and to the consolidation of a strong climate of investment confidence in the country.

The admittedly impressive result of the Fund’s public offering for Piraeus Bank, seals the systematic and painstaking effort made by all sides.

For this reason, I would like to express my warm thanks to the management – especially to the managing director Mr. Christos Megalou – and the staff of Piraeus Bank for the excellent cooperation with the Fund all these years, which was a decisive factor for ‘ this important achievement.

An equally big “well done and a heartfelt thank you” goes to the employees of the HFSF for the perfect preparation and execution of the transaction. Their hard work and dedication have contributed greatly to the highly successful implementation so far, not only of this particular venture but also of the entire divestment strategy.

We are particularly proud of the successful outcome of the objective of disinvestment of the Fund, which is a milestone for the national economy and demonstrates the confidence of the markets in the bright prospects of the Greek financial system”.