The decision to increase the share capital of Piraeus Bank S.A.(Greece, Athens) was adopted during the Extraordinary General Meeting of Shareholders that took place on December 23, 2011 in Athens. The shareholders agreed decided to issue 1,333,333,333 preferred non-voting shares of a nominal value of €0.30 each. Shareholders have also cancelled the preemptive rights of existing shareholders in favor of the Greek State in accordance with the provisions of law 3723/2008 Greece “providing enhanced liquidity to the economy to address the consequences of the international financial crisis”.
On December 30, 2011 the share capital increase procedure of Piraeus Bank S. A. was completed. 1,266,666,666 bank’s shares valuing EUR 380 million have been acquired by the Greek State.
As a result of the share capital increase the Piraeus Bank Group capital adequacy ratio increased by 1 p.p. and the Group's capital adequacy ratio amounted at 9.8% (according to Basel II agreement, this figure should be no less than 8%).
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 55,6 bln and total equity of EUR 3,1 bln (as of 30.09.2011). Established in 1916, Piraeus Bank today has presence in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centres of New York and London. Piraeus Bank S.A. leads Piraeus Bank Group, which consists of 10 banks and 21 companies covering the entire range of financial services.
In Ukraine Piraeus Bank is operating since 2007 after the purchase of 99,6% shares of International Commercial Bank. Today the share of Piraeus Bank S.A. in the share capital of Piraeus Bank ICB exceeds 99,9%.
Piraeus Bank ICB is a member of Association of Ukrainian Banks, Forum of Leading International Financial institutions (FLIFI) participant of the Fund of Guaranteeing the Deposits of Individuals. The Bank is also included in the list of banks authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance.
Piraeus Bank in Ukraine Press Service
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