State-controlled bank bailout fund HFSF it had launched a process to sell its 9% stake in Alpha Bank.

The Fund received last week an offer from Unicredit for the stake as part of the Italian lender’s plan to become Alpha Bank’s biggest investor. Unicredit offers 1.33 euros per share. 

However, the fund has to invite other investors to submit bids for Alpha in an effort to secure the best offer for the bank.

In a statement, HFSF said that Unicredit’s offer was submitted “in good faith” and that other bids can be submitted from 0830 GMT on Monday until Nov. 10.

Results of the process will be announced on Nov. 13, the fund said, adding that Lazard was acting as an advisor.