The Athens Stock Exchange welcomed today representatives from the management of Piraeus Financial Holdings, the Hellenic Financial Stability Fund (HFSF), and their underwriters, at the ceremonial opening of the session marking the successful completion of the sale of shares of Piraeus Financial Holdings held by the HFSF.

The CEO of Piraeus Financial Holdings, Mr. Christos Megalou, and the CEO of the Hellenic Financial Stability Fund, Mr. Ilias Xirouchakis, rang the traditional bell to signal the start of today’s session.

In his speech, the CEO of the Athens Exchange Group, Mr. Yianos Kontopoulos, referred to the significant oversubscription of the public offering, emphasizing that: “The exceptional response from both the international and Greek investment community is a concrete confirmation of the dynamic growth of the Greek economy, and certainly highlights the confidence in the growth prospects of Greek banks. Furthermore, this outcome once again justifies the strategy and work undertaken by the Hellenic Financial Stability Fund over the past years. The great success of the sale of Piraeus Bank’s shares is further proof that the Athens Stock Exchange is a modern and developed market, capable of meeting the needs of both the buy-side and sell-side, contributing to the development of the Greek economy.”

For his part, Mr. Christos Megalou, CEO of Piraeus Financial Holdings, highlighted: “The successful sale of 27% of the shares held by the Hellenic Financial Stability Fund in Piraeus Bank, with strong international and domestic investor interest and bids nearing €11 billion, and at the highest price level, marks Piraeus Bank's full return to the private sector, having earned the trust of the investment community for its strong prospects. It reflects the progress that Greece and the Greek economy have made in recent years. Piraeus Bank is opening a new chapter in its journey to create a modern, effective, and profitable bank, which plays a leading role in the sustainable development of the Greek economy and society.”

Mr. George Handjinicolaou, Chairman of the Board of Piraeus Financial Holdings, noted during his speech: “Today is an important day for Piraeus Bank, the Athens Stock Exchange, and the country. The very successful sale of 27% of the shares of the Hellenic Financial Stability Fund signals not just a page-turner or a new chapter, but a complete change of book for the Bank. The success is the result of systematic, team-based work by all the bank's employees, who have worked hard for many years. Having fully returned to the private sector, we continue to implement our strategy with greater speed, confidence, and optimism for the future, creating value for our customers, shareholders, and the Greek economy and society.”

Mr. Ilias Xirouchakis, CEO of the Hellenic Financial Stability Fund, said: “Today is a historic day for Piraeus Bank, the banking system, and the economy at large. The remarkable transformation of the bank, from the position it found itself in during 2018-2019—which we all work hard to forget—to its current state of being a competitive, adequately capitalized, and investment-attractive European bank, is nothing short of a miracle. Last week’s transaction has no precedent, no matter how far we go back. A secondary sale of this magnitude, with such high oversubscription from investors of this caliber and at such a premium, has no historical equivalent.”

Finally, the Chair of the Hellenic Capital Markets Commission, Ms. Vasiliki Lazarakou, remarked: “Today is a milestone for the economy, the banking system, and the stock market. The success of Piraeus Bank’s transaction, conducted at a premium, proves the consistently positive trajectory of the Greek economy. At the same time, it brings us a step closer to the upgrade of the Athens Stock Exchange and strengthens investors’ confidence in the Greek market. The Capital Market Commission is committed to supporting the upgrading and expansion of the Greek capital market to support the Greek economy.”