After the sale of Piraeus Bank's shares, the Minister of National Economy and Finance Kostis Hatzidakis made some statements.
In particular, Kostis Hatsitakis noted that the success of the sale of 27% of the shares of Prayas Bank to foreign and Greek investors was unprecedented! Not only that the investment interest was 8 times higher than the offer. And so are the prices they offer.
The selling price of the shares is higher than the closing price of the stock market last Friday (1.3.2024) which indicates that the process has already started! Globally this is extremely rare as prices are always set at a discount in favor of buyers in cases of mass offers.
No one should forget the very difficult situation Piraeus Bank was in in 2019. This further underlines the extent of today's success.
Our banking system is changing for the first time today. From the crisis and recapitalization period, the past months have seen high-end investors show their interest in all legitimate Greek banks.
Recent developments reward the strategy of the management of the Financial Stability Fund, which effectively prepared and organized the process. They underline the correctness of the government's choices, not only in the manner and timing of state divestment, but also in the banking system in general. They are finally a serious national hit!
The government's job in this new era for our banking system is twofold: to ensure the conditions that allow a corrupt banking system to operate; And adopting every effort to ensure competition between banks as done in advanced European countries. That's what we're going to do. Because stronger banks, which are competitive by offering more products and options to their customers, are an advantage for households. Business profit. Benefit to national economy.