After completing its stock disposal, the Minister of National Economy and Finance made some statements. In particular, Kostis Hatzidakis noted that the success of the 27 % disposal of Piraeus Bank shares to foreign and Greek investors has no precedent! It is not only that the investment interest expressed was 8 times greater than the offer. There are also the prices offered. It is indicative that the selling price of the shares was set at levels higher than the closing price of the Exchange last Friday (1.3.2024), before the start of the procedure! This is extremely rare worldwide as in such cases of mass stock disposal prices are almost always shaped with a discount for buyers. No one should forget also the very difficult position Piraeus Bank was in in 2019. This further highlights the magnitude of today’s success. Our banking system is changing today. Since the crisis and recapitalization, at the time when high-quality investors have shown their interest in all systemic Greek banks in recent months. The latest developments reward the management strategy of the Financial Stability Fund that prepared and organised the process effectively. They underline the correctness of the government’s choices, not only for the way and time that the State’s divestment went ahead, but also more generally for the banking system itself. And they are ultimately a very serious national success! Government work in this new era for our banking system is two things: Ensure conditions allowing the operation of a robust banking system. And adopt any initiative to ensure competition between banks as is done in advanced European countries. And we will. Because strong banks that will operate competitively offering more products and options to their customers are beneficial to households. Benefits for business. Benefits for the national economy.
Hatzidakis for Piraeus Bank: Unprecedented success
—