The public offering and institutional placement via bookbuilding commenced on 28 June and will run until 30 June 2021. Credit: Gerd Altmann from Pixabay

Alpha Bank has launched a combined share offering, comprising a public offering in Greece and an international placement, to raise $954m (€800m).

The new shares will be provided to retail and qualified investors in the public offering, as well as to institutional and other eligible investors in the private placement via book building.

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The public offering and institutional placement via bookbuilding commenced on 28 June and will run until 30 June 2021. They would occur in parallel.

The capital raise would enable the bank to reach double-digit profitability growth rates and make dividend distribution, Reuters quoted CEO Vassilis Psaltis as saying.

Goldman Sachs and JPMorgan will serve as joint global coordinators and joint bookrunners, the news agency said.

Barclays and Axia Ventures will be joint bookrunners, while Citigroup will act as the senior joint bookrunner.

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The maximum price limit has been set at €1.20 a share.

Priority allocation of the new shares would be given to current shareholders participating in the offering.

In a statement, Alpha Bank said: “The Board of Directors shall be authorized by virtue of the resolution of the Extraordinary General Meeting of the Company, dated 15 June 2021, to determine the split of the New Shares of the Combined Offering between the Public Offering and the Institutional Placement.”

In a separate development, another Greek lender Piraeus Bank secured shareholders’ nod last month to proceed with a planned equity offering to raise around €1bn.

The proposal was reportedly approved by nearly 99.3% of the shareholders present in the meeting. The fundraising by offering new shares will reduce state holding in the bank.