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Fairfax stake in Eurobank rises to 17 pct after share sale

Published 2015-11-24, 11:01 a/m
© Reuters. Fairfax stake in Eurobank rises to 17 pct after share sale
ACBr
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EURBr
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ATHENS, Nov 24 (Reuters) - Canada's Fairfax Financial
Holdings FFH.TO has increased its holding in Greek lender
Eurobank EURBr.AT to 17 percent from 12.5 percent after taking
part in its recapitalisation, Eurobank's deputy CEO said on
Tuesday.
Eurobank and rival Alpha Bank ACBr.AT were two of Greece's
four big banks that plugged capital shortfalls revealed in a
European Central Bank health check by tapping private investors,
without resorting to state aid. ID:nL8N13D2PC
Eurobank, Greece's third-largest lender sought 2.04 billion
euros by selling new shares to investors at 1.0 euro each after
a one-for-100 reverse share split. ID:nL8N13D4C4
Funds that bought shares included Highfields Capital
Management, Brookfield Capital Partners, WL Ross, along with the
International Finance Corporation and the European Bank for
Reconstruction and Development.
Eurobank's deputy chief executive, Theodore Kalantonis, said
the successful capital boost, coupled with an easing of capital
controls can attract back a significant chunk of the 45 billion
euros of deposits that flowed out of Greek banks since late last
year.
"With the restoration of trust, around 25 billion euros of
deposits can return to the banking system in the next two years,
boosting its liquidity and its ability to fund the economy,"
Kalantonis told the Greek Confederation of Commerce.

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