A placement for up to 2.2% of Eurobank or 80 million shares was made by major shareholder Prem Watsa (Fairfax). The placement closed last night, with the price expected to be announced today. The move was reportedly made at a small discount of 4%. Typically, the bookrunner announced shortly afterwards that offers below €2.33 risked not being accepted (yesterday's close at €2.39).

DEMAND COVERED

According to Reuters, the book has been covered, meaning that the demand that was expressed has already covered the supply. The process was run by JP Morgan. According to the same sources, the placement was carried out following a supervisory requirement to reduce Mr. Watsa's stake below the statutory minority (33.3%). Prem Watsa had received special permission from the supervisor to hold a higher stake, but without exercising voting rights; however, there was a revision of the supervisor's view, which led to the sale of the shares. The additional shares were reportedly controlled by companies affiliated with Fairfax.

SUPPORTS THE BANK

It is worth mentioning that Prem Watsa has been supporting Eurobank for a number of years and has made a significant contribution, in cooperation with the bank's management, to the bank's balance sheet restructuring, starting with the absorption of Grivalia by the lender. At the same time, the Indo-Canadian investor has supported Eurobank's expansion beyond its borders from its position as a major shareholder, such as in the Hellenic venture, as well as in consolidating its presence in the wider Eastern Mediterranean region.