The board of the Hellenic Financial Stability Fund (HFSF) will meet this weekend to decide on the level and terms of the imminent placement of its shares in Piraeus Bank, and is expected to make the official announcement on Monday, according to reports at OT.

If the HFSF decides to place the entirety of its 27% holding in the bank, this would mean the bank will finally return to the control of the private sector and could bring in around an estimated 1.2 billion euros in proceeds for the Greek State.

The HFSF board is expected to meet on Saturday to consider the number of shares to be disposed, the split of the allocation between institutional and private investors, and the accepted price range for bids.

Previous reports at OT state that over fifteen institutional investors have expressed a high level of interest in the bank.

The Bank of Piraeus, like most major Greek banks, was impacted by the 2008 sovereign debt crisis which brought on a deep recession in Greece.  Piraeus bank received aid but has gradually reduced its dependence on it through a series of buybacks, capital increases, acquisitions, and the raising of private funds, especially in 2013 and 2014.

On account of the sovereign debt crisis in Greece, the HFSF was created in July 2010 to stabilize the Greek banking system. It is a state-owned private legal entity and received 50 billion euros from the European Financial Stability Facility (EFSF) to recapitalize struggling banks.