WOOD Flash – Piraeus Bank: equity issue and NPE frontloading plan to restore normality
Piraeus Bank has announced its 4Q20 results, together with a strategy update and a capital enhancement plan. In a nutshell, the bank will proceed with an equity issue of c.EUR 1bn to frontload the NPE reduction process to a 10% in the medium term. Although we expect the share price to remain volatile ahead of the capital issue, we believe that the plan is a step in the right direction, as it should enable the bank to fully de-risk the balance sheet and restore long-term profitability.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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