The bank, which got the green light for the cash call by the securities regulator on Jan. 4, is fortifying its balance sheet to be better able to cope with recession and the country's debt crisis.
Managing Director Alex Manos has said Piraeus expects to be better placed to re-enter the interbank market after completion of its underwritten capital hike.
The bank is also starting roadshows from Jan. 10.
Greek banks have lost access to wholesale funding markets in the wake of the country's debt crisis and have increasingly been relying on the European Central Bank for their liquidity needs.
Rights will trade from Jan. 17 to 25. Subscriptions to the rights issue will run from Jan. 17 to 31.
The rights offering is underwritten by Barclays Capital, Credit Suisse, Goldman Sachs and Morgan Stanley, which will act as global coordinators and lead managers.
ING Bank, Keefe, Bruyette & Woods, Macquarie Capital, Mediobanca and MPS Capital Services are co-lead managers.
Reuters
http://in.reuters.com/article/idINLDE7090CB20110110
