The American Big Investor John Paulson. buys shares of Piraeus Bank again, making up for the impairment of its position that had occurred in February 2025.
This time the movements of the strongest shareholder of the Greek bank were not directly identifiable, as they emerged through a side process.
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According to the information published on the stock exchange, the central person of the transactions was the 56-year-old Alexander Blades. Non-executive Vice President of Piraeus Board, Paulson's right hand and partner in Paulson & Co, in whose portfolio is the share participation in the bank.
With Greek origins and a New Zealand national, Blades (Alexander Vlades) proceeded to two Piraeus stock markets on the 29th of July last and 28 August. These acts were not made on his own personal account, but on an associated legal person. Something, for those with knowledge of situations, refers to Paulson & Co.
In the first transaction, non-circular purchases concerned 661,004 shares of Piraeus, at a price of EUR 9,74 a total cost of EUR 6,438.179.
The second time 324,411 shares of the bank were purchased, at 10 euros, at a total price of 3,244,100 euros.
In other words, 985,415 shares (about 0.08% of the bank) were acquired in these two movements compared to 9,682 million euros.
It remains unknown for what reason was the choice of this strategy (even as part of a more complex transaction) to substantially strengthen John Paulson's involvement in Piraeus. Fact, which if anything is registered as a vote of confidence for the Bank's prospects, led by Christos Megalos.
The Placement of 2025 and the mixing
However, it is characteristic that an American investor had made sure to increase his position in the bank during the period after Piraeus's 2.8% placement. This took place on 25 February 2025 when 35 million shares were allocated, at 4.58 euros and with total sales revenue at 160.3 million euros.
The transaction was notified at the time that Paulson& Co was left with 170,317,912 shares of Piraeus in its portfolio. That is, with 13.62% , which increased indirectly to 13.78% due to the reduction in the total number of bank shares.
In May 2021 and immediately after his participation in the bank's capital increase, Paulson had stated that he owned 232,758,919 shares, translated into 18,615%. Which means from then on until the February 2025 placement, another 27,441 million shares had been sold, with no price and no obligation to disclose, since its percentage had not fallen below 15%.
After the last sale of 35 million shares, Paulson& Co had referred to a portfolio restructuring move. In fact, it was stressed from her point of view that «is extremely impressed by the performance of the bank and its administration.» Commitment to «remains a long-term shareholder and participate in the development and promotion of Piraeus value.» While concluding that « Paulson's partner, Alex Blades, will remain an active member of the Bank's Board of Directors.»
How did the purchases of 5,000,000 shares arise?
On 23 December 2025 there was notification that Paulson's company held 175,317,912 shares in Piraeus, i.e. a percentage of 14,18%. Which means that within the 10 months between the placement, 5,000,000 shares were purchased. Again under the... radars of official disclosures.
In this 10-month period Piraeus's share price is estimated at 6 euros, while at the levels of 7 euros it was its average price in December 2025. So Paulson& Co must have allocated EUR 30 to EUR 35 million to buy the shares. While taking into account the latest markets in July and August the acquisition costs for the 5,985 million shares appear to be between EUR 40 and 45 million.
Yesterday, Piraeus Bank's share was closed at 10.45 euros, which means that John Paulson's return as a buyer has yielded him around 3 euros per share of goodwill...
The route to Piraeus and the 1.9 billion of the share position
The US big investor opened a equity position in Piraeus with the 2013 AMC recapitalisation, and also participated in the 2014 and 2015. To finally find himself holding, before the April 2021 capital increase and after the reverse split that became, 2,324,137 shares (461% of the bank).
The «clean» the cost of acquiring which, following the revenue of EUR 40 million derived from certain liquidations and the transfer of profits from bonds, was EUR 420 million.
In the 2021 capital increase John Paulson acquired 230,434,783 new shares compared to 265 million euros (at 1.15 euros each) by dropping the average cost of acquisition per share from... 180,6 to 2,94 euros. As all the funds placed amounted to EUR 685 million.
After revenue generated from dividends (about EUR 135 million) sales and new markets, the estimated cost of acquisition is at EUR 300 million or around EUR 1.65 per share. Possibly and even lower. At a time when the current value of his portfolio reaches EUR 1.9 billion.
Market legend and today's reality
Paulson passed into the sphere of market legend betting against American, mortgaged housing loans. In 2007–2008 when the bubble burst, it earned huge profits from the big shorts. Over $15 billion for the Hedge Funds he had established since 1994. His case, in fact, became a book and later film titled «The Big Short».
In 2011, Paulson's managed funds funds were ejected to the historic high of $38 billion. From then on, however, a number of options (such as shorting the euro) proved wrong. Consisting of constant damage.
Five years ago, Paulson abandoned the Hedge Fund's field of activity, returned funds to shareholders and now moves basically, as a family office.
According to Forbes' data the current, net value of John Paulson's assets is estimated at $4 billion. Against $11.2 billion, where they had taken off in 2015.
Reclassifications have also occurred in the personal life of the American big investor. After 21 years of marriage he divorced his 16-year-old, Romanian-born wife, Jenny Zahariah. With whom he had two daughters and considered her, as he said, «a breath of fresh air».
Now John Paulson seems to have found fresh and... cool breeze in the face of his new companion, Alida de Almeida, who is 33 years younger than him.
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