Placement for its 2.2% Eurobank or 80 million shares has already been initiated by the major shareholder Prem Watsa (Fairfax) and is expected to be completed today, with the price to be announced Thursday morning. According to information, the price is expected to be slightly lower than the current market and specifically around 4% below.

As Reuters reports, demand has already fully covered supply, with the book “closed”.

The Placement is carried out due to a supervisory requirement to reduce the rate of Mr. Watsa below the statutory minority threshold of 33.3%.

It is noted that Prem Watsa had received special permission from the supervisory authority to hold a larger stake without exercising voting rights, however a review of the authority’s stance led to the decision to proceed with the sale of the shares.

Prem Watsa has provided solid support to Eurobank for many years and has been instrumental, working with the bank’s management, in the consolidation of its balance sheet, starting with the absorption of Grivalia. It also continues to support the expansion of the bank, both in Greece and in international markets, such as in the effort to expand in the eastern Mediterranean.