(Bloomberg) -- Eurobank Ergasias Services and Holdings SA submitted an official request to buy back the Greek state’s 1.4% stake in the lender for €1.80 euros ($1.92) a share.

The lender requested the buy back from the Hellenic Financial Stability Fund, a bank recapitalization tool that was established at the start of the Greece’s bailout programs, offering just over €93.7 million for the stake, according to Bloomberg calculations. 

The fund has already started its plan to divest from the country’s lenders and Eurobank is the first bank in the process.

Eurobank shares closed at €1.52 euros each on Friday, which means that the lender is offering a premium of 18.4% to buy back the 1.4% stake. Since the beginning of the year, the bank’s shares have risen by 44% outperforming the Athens Stock Exchange General Index.

The bank entered into a conditional share purchase agreement with HFSF to acquire all of its issued shares held by HFSF, both parties said in statements Monday.

According to the deal, the HFSF will launch a disposal process open to eligible investors and the sale and transfer of the shares to Eurobank is subject to “the non-selection by HFSF of a preferred bidder through the competitive process,” both sides said. 

The HFSF currently also holds a 40% stake in National Bank of Greece SA, 27% of Piraeus Bank SA and 9% of Alpha Bank SA.

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