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Piraeus Bank: «Rush» of contacts in New York, meetings with 45 investors

A barrage of management meetings this week in New York with powerful institutional investors.There's a lot of interest in the placement. Where investors are focusing.

The management of Piraeus Bank will have more than 40 meetings with institutional investors in New York this week, in view of the placement that the Hellenic Financial Stability Fund (HFSF) plans to carry out next March.

The investors include some of the best known and largest investment houses, such as BlackRock, Morgan Stanley, Fidelity, Capital, Wellington, Bank of America and others. Foreign institutional interest in Greek assets is very high, due to the dynamic economy, with banks being at the forefront of interest, while Piraeus Bank is in the spotlight in view of the sale of the state's stake to investors.

Yesterday, Tuesday, Piraeus Bank's staff, led by CEO Christos Megalou, began meetings with investors in New York, as part of a two-day non deal roadshow organised for the bank by its advisers UBS and Goldman Sachs, which continues today. This will be followed immediately by a new round of meetings with investors as part of the also two-day conference organised by JP Morgan from tomorrow Thursday to Friday.

Around 25 meetings are scheduled for the JP Morgan conference. Piraeus will have around 25 meetings with investors as part of the non deal roadshow, while a further 20 meetings will take place as part of the JP Morgan conference, which is also attended by other systemic banks and listed companies.

It should be noted that last week a roadshow was held by Tr. Piraeus' roadshow in London, which attracted strong investor interest with the participation of about 30 investors.

As BD reported, in the contacts with the bank's management, the investors focused both on the dynamics and prospects of the domestic economy and commercial banks and on the special characteristics of Piraeus Bank that make it one of the most impressive turnaround stories in Europe in recent years.

Having successfully tackled the major challenges - a legacy of the crisis - Piraeus Bank is today the largest bank in the country in terms of deposits - loans, has high liquidity and at the same time has been significantly strengthened in terms of capital. Significantly, in 2023 the bank will show a normalised return on equity (RoaTBV) close to, and perhaps even higher than, 14%.

In the presentations, the bank's management focuses on the growth prospects of the domestic economy and the banks, while detailing the major work that has been carried out with the complete consolidation and overhaul of the bank and the significant growth initiatives that have been undertaken.

The highlight of the bank's transformation will be the 2023 results to be presented on 23 February, which are expected to be at record levels. At the same time, management will present new revised targets for the three-year period 2024 - 2026.

What percentage of the HFSF will be allocated

Regarding whether all or part of the HFSF's stake (27%) will be allocated, the people at Tr. Piraeus notes that this is a government decision and refers to the official announcements.

It should be noted that last week, Prime Minister Kyriakos Mitsotakis, speaking to Bloomberg from Davos, noted that it has not yet been decided whether the Greek state will sell part or all of its stake in Piraeus Bank.

In the same vein, sources at the Finance Ministry said that all possibilities are being examined and final decisions will be announced once the share disposal process is launched in cooperation with the HFSF and the consultants running the project.

However, BD reports that the most likely option is to choose the disposal of all the shares controlled by the HFSF as the exit of the state from the banks is a strategic choice of the government and will seal the country's exit from the crisis and the full return of the economy and the banking system to European normality.

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