American investor John Paulson has cut his indirect stake in Greek lender Piraeus Bank to 8.43 per cent, moving below the 10 per cent threshold.
Piraeus Bank SA announced that the reduction took effect on November 4, 2026, following formal notification from Paulson on November 5, 2026. The New York financier now indirectly holds 104,188,196 voting rights through Paulson & Co. Inc., an investment management firm he controls.
Each voting right corresponds to one ordinary registered voting share in the Athens-based bank. The new holding represents 8.43 per cent of total voting rights, marking a decline from his immediately preceding notification, which the bank published as December 24, 2026, when his voting interest stood at 14.18 per cent.
Regulatory disclosure threshold
Under Greek and European Union stock market transparency rules, major shareholders in listed companies must notify both the market regulator and the issuer when their holdings cross statutory limits. The 10 per cent mark is a primary regulatory threshold that signals a shift in a major shareholder's influence over corporate governance.
Paulson became one of Wall Street's most famous hedge fund managers after earning billions of dollars betting against the United States subprime housing market ahead of the 2008 global financial crisis. He subsequently became a prominent foreign investor in the Greek financial system, acquiring substantial stakes in Greek lenders as they recapitalised in the wake of the country's decade-long sovereign debt crisis.
Investment management structure
Piraeus Bank said Paulson & Co. Inc. acts as the investment manager for the underlying investment funds that directly hold the shares in the lender. In that capacity, the management firm exercises all associated voting rights on behalf of those funds.
Piraeus Bank is one of the four systemic commercial banks that dominate the Greek banking sector, alongside Alpha Bank, Eurobank, and the National Bank of Greece. Headquartered in Athens, the group provides retail and corporate banking services across the country.
