warrants. Following the four core banks’ capital increases of 8.3 bln euros, which included the cancellation of HFSF preemptive rights, the fund’s shareholding in banks’ capital was reduced as follows:
Alpha Bank – From 81.71% to 69.90% (EUR 6.4 bln), while the recent second exercise of warrants resulted in a further decrease to 66.36%.
Eurobank – From 95.23% to 35.41% (EUR 2.5 bln), which is lowest holding in the core banks.
National Bank (NBG) – From 84.38% to 57.24% (EUR 7.9 bln).
Piraeus Bank – From 80.95% to 67.30% (EUR 8.2 bln), with the recent warrant exercise resulting in a slightly lower share at 66.93%.
The outcome of the warrants’ exercise remains rather poor so far after two periods. For Alpha, only 7.3% of the initial amount of warrants has been exercised so far with HFSF proceeds at 302 mln euros.
33For Piraeus, the figures are significantly lower at just 0.7% and 44 mln, respectively.
The initial plan was for HFSF to use the warrants to recover the 19.4 bln euros in capital it injected into Alpha, NBG and Piraeus assuming warrants are fully exercised. Nevertheless, the amount of 346 mln euros received so far corresponds to a fraction of the total amount.