Greek lender Alpha Bank’s share placement with institutional investors on Tuesday was oversubscribed two-fold (with a marginal discount) with a final price per share finalized at 1.0 euro, according to sources on Wednesday.

Alpha Bank commenced a combined share offering on Monday to raise 800 million euros.

A public offering in Greece and an international placement with institutional investors via book-building ran in parallel.

According to Reuters, the systemic bank – one of four in the country – raised cash in anticipation of a massive EU funding scheme from the Union’s Recovery and Resilience Fund.

According to Alpha Bank CEO Vassilis Psaltis,the capital increase will help the lender achieve double-digit earnings growth rates and its ability to pay out dividends.

Goldman Sachs and JP Morgan acted as joint global coordinators and joint book-runners, with Citigroup the senior joint book-runner and Barclays and Axia Ventures joint book-runners.

Based on the ATHEX closing of June 30, the bank’s capitalization will increase from 1.6 billion euros to 2.53 billion euros.

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