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Greece: NBG 2.8-bln-euro capital raise

09. September 2010. | 12:15

Source: ANA

National Bank of Greece on Tuesday announced a capital increase plan worth 2.8 billion euros in a move aimed at boosting its capital base.

National Bank of Greece on Tuesday announced a capital increase plan worth 2.8 billion euros in a move aimed at boosting its capital base.

Under the plan, the bank will raise around 1.8 billion euros from capital markets through a capital increase plan and the issuance of a convertible bond loan, while National Bank will raise another 1.0 billion euros from the sale of a 20 pct equity stake in Finansbank.

The bank said its Core Tier 1 ratio will be strengthened by around 380 basis points following completion of the program.

National Bank will seek to raise 631 million euros from its shareholders, through the issue of 121.4 million new common shares at an offering price of 5.20 euros per share and another 1.184 billion euros through the issue of 227.6 million convertible bonds at the same offering price (5.20 euros).

The Greek bank said it planned to maintain a majority stake in Finansbank, not less than 75 pct of its equity capital. The sale of Finansbank's equity stake will depend on market conditions and after obtaining approval from supervisory authorities.

Vasilis Rapanos, the bank's chairman, said the capital strengthening program was proof of an improving climate both for National Bank and for Greece and could emerge as a significant station to the country's economic adjustment procedure.

Apostolos Tamvakakis, the bank's chief executive said the program was a landmark for National Bank as it would allow the Group to timely prepare to deal with a new macro-economic conjucture in its main market.

Credit Suisse, Deutsche Bank, Goldman Sachs International, Morgan Stanley and Hellenic Postbank will be joint bookrunners of the issue.


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