Eurobank admits it can’t find investors, passes over to HFSF

Eurobank admits it can’t find investors, passes over to HFSF

 

By Yiannis Papadoyiannis

Eurobank Ergasias decided on Monday to put itself in the hands of the Greek state’s lender support fund, which will fully and immediately implement its recapitalization, and draft a strategy toward strengthening the lender via the acquisition of smaller banks in the local market.

The Hellenic Financial Stability Fund (HFSF) will cover the 5.8 billion euros that Eurobank requires to fulfill its sustainability criteria as early as next week, after the bank’s general meeting, thereby making it the first systemic lender to become fully recapitalized.