Eurobank sells Grivalia stake, Fairfax takes majority
Greece's Eurobank sold its 20% stake in real estate investment company Grivalia as part of plans to spin off non core assets, the company said Tuesday.
The lender sold its stake for 178.2 million euros with some 10 million shares going to Canada's Fairfax Financial Holdings, it said in a statement. The Canadian company now has a 51.4% stake in Grivalia and could be forced into buying the rest of its shares, as dictated by Greece's capital market rules.
The Grivalia shares were sold at 8.80 euros each, representing a discount of some 2.7 percent to Monday's closing price.
Greece's top four lenders have been recapitalised three times during the country's debt crisis with the help of state money and are being forced by European banking authorities to sell non banking assets to boost their capital.