Canadian billionaire investor and businessman Prem Watsa commenced the placement of 2.2% of Greek systemic lender Eurobank’s shares – some 80 million shares in total – on Wednesday, with the price per share to be announced on Thursday morning.
According to sources from within the bank, the founder and CEO of Fairfax Financial Holdings was reducing the holding company’s stake in ATHEX-listed Eurobank to meet regulatory conditions – which mandate a minority stake of no more than 33.3% – and is not part of any change in the composition of the bank’s main shareholders.
According to market watchers, the price per share was expected to be just under of the current market rate.
According to a Reuters dispatch, demand for the placement is already oversubscribed.
Watsa had previously received a special exemption from banking regulators to own a stake higher than 33.3% but without retaining board voting rights. That exemption was recently rescinded.
Source: Tovima.com
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