Alpha Bank launches 1.66-bln-euro share capital offer

11 November 2015
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Alpha Bank on Wednesday announced a share capital increase plan with the offer of new shares worth 1.66 billion euros as part of a capital boosting plan worth 2.74 billion euros to meet the capital requirements of an assessment report by the Single Supervisory Mechanism (SSM) under the adverse scenario.

The capital boost plan envisages the offer of new shares through an international book-building process with the aim to drain 1.66 billion euros from institutional investors and other selected investors. This process will be completed in November 16. The bank also announced a Liability Management Exercise (LMEs), currently underway which is expected to add new capital worth 1.1 billion euros. Alpha Bank said that failure to cover capital requirements under the adverse scenario would lead to state support under the form of pre-emptive capital injection. In such a case, all senior, subordinated and hybrid securities issued by the bank -not included in the LMEs process- are expected to be converted into shares.

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