HFSF announces decision to sell entire 27% stake in Piraeus Bank

The Hellenic Financial Stability Fund (HFSF) on Monday announced its decision to exercise an 'Upsize Option' and increase the number of shares offered in a public offering launched on Monday to its entire stake, or 27% of Piraeus Bank.

"In accordance with the provisions of Article 17, par. 2 of Regulation (EU) 2017/1129, the HFSF announces that its Board of Directors, in its meeting of 04 March 2024, and after being informed by the managers of the international offering on the demand expressed so far in the international offering, expressed its intention to exercise the right to increase the number of the shares offered in the Offering by 62,518,361 Offer Shares so that the total Offer Shares increase from 275,080,789 to 337,599,150," an HFSF announcement said on Monday afternoon.

"The allocation split of any Upsize Option Shares that may be sold between the Greek public Offering and the international offering is at the sole discretion of the HFSF acting in its capacity as selling shareholder. In accordance with Article 17 of the Prospectus Regulation, investors shall be informed about the split and the allocation of the shares related to the Upsize Option through the publication of the respective announcement addressed to investors in the Daily Statistical Bulletin of the ATHEX and on PFH’s and the HFSF’s websites," the announcement added.

Exercising the Upsize Option will lead to the full privatisation of Piraeus Bank.

The timetable of the Public Offering is as follows:

• 4 March 2024 - Commencement of the bookbuilding process for the International Offering (10:00 Greek Time).
• 4 March 2024 - Commencement of the Greek Public Offering (10:00 Greek Time).
• 4-6 March 2024 - The Selling Shareholder may at its sole discretion upon resolutions of its Board of Directors decide to (not in order of priority):

1. exercise the Upsize Option;
2. determine a narrower range within the Price Range; and/or
3. determine a price point guidance.

In accordance with Article 17 of the Prospectus Regulation, investors shall be informed through the publication of respective announcements addressed to investors in the Daily Statistical Bulletin of the ATHEX and on PFH’s and the Selling Shareholder’s websites.

• 6 March 2024 - End of the bookbuilding process for the International Offering (16:00 Greek Time).
• 6 March 2024 - End of the Greek Public Offering (16:00 Greek Time).
• 7 March 2024 - Publication of the Pricing Statement in the Daily Statistical Bulletin of the ATHEX and on PFH’s and Selling Shareholder’s websites.
• 7 March 2024 - Publication of a detailed announcement concerning the outcome of the Greek Public Offering in the Daily Statistical Bulletin of the ATHEX and on PFH’s and Selling Shareholder’s websites.
• 11 March 2024 - Crediting of the Offer Shares to the Investor Shares and Securities Accounts (expected Settlement Date).