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Oversubscribed Piraeus Bank Share Offerings

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A Piraeus Bank authority stated to Reuters today that the bank's 1.75 billion euro share offering has been oversubscribed, with bids at 3 billion euros.

The nation's second biggest asset lender is offering new shares, without preemption rights for current shareholders, to fill in the 425 million euro capital loss. Additionally the bank will purchase 750 million preferred shares euros from Greece. At 11:55 GMT, shares were downward by 6.93%.

The anonymous authority stated, "Offers topped 3 billion dollars", but refused to speak on the pricing. The Bank has authorized Deutsche Bank, Credit Suisse and Goldman Sachs as collective book runners and international administrators. Piraeus Bank is owned largely by HFSF, the nation's bank rescue fund and has a market value of 10.2 billion euros.