Greece's Piraeus Bank prices share offering at 1.70 euros-source

ATHENS, March 26 Wed Mar 26, 2014 8:46am EDT

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ATHENS, March 26 (Reuters) - Piraeus Bank, Greece's second-largest lender by assets, priced its 1.75 billion-euro equity offering at 1.70 euros a share, at a small discount to the share's price on Wednesday, an executive at the bank told Reuters.

Proceeds from the bank's share offering, without pre-emptive rights for existing shareholders, will plug a 425 million euro capital shortfall a stress test by the central bank revealed earlier this month and pay back 750 million euros of preferred shares owned by the state.

Piraeus will seek approval for the offering price at a shareholders meeting set for Friday, the official said on condition of anonymity. (Reporting by George Georgiopoulos; Editing by Karolina Tagaris)

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