Alpha Bank Plans 1B Share Issue to Tap into Stimulus Projects

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LONDON, May 24 Reuters Alpha Bank, one of Greeces four largest lenders, plans to raise about 800 million euros 975 million in a sale of new shares to capitalise on lending opportunities at home as European Union recovery funds will flow in, it said on Monday.

The strategy update helped the banks shares rebound from a plunge of about 30 on Friday, rising 8.1 to 0.9764 euros in early Monday trade.

The planned share sale will take place via a bookbuilding to international institutional investors and a public offering in Greece, targeting completion by midJuly, the bank said.

Alpha Bank, about 11 owned by Greek bank rescue fund HFSF, said current shareholders preemptive rights to the offering would be cancelled but priority would be given to existing shareholders.

The Hellenic Financial Stability Fund HFSF will participate up to its current holding.

Alpha Bank sees investmentdriven growth ahead and wants to be well positioned for that.

Greece will shortly benefit from a once in a generation inflow of EU funds that will create a major boost to the economy, CEO Vassilis Psaltis said in a statement.

He said that Alpha Bank expects significant investment in clean energy, digitalisation, real estate, tourism and infrastructure. The capital boost will help it to grow as the leading bank partner to this transformation, he added.

Greece formally submitted its national recovery plan to the EU last month, hoping to boost economic growth by as much as seven percentage points…

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