National Bank’s Greek share offering will run Nov. 30 to Dec. 2

23 November 2015
100 Views

Greece’s National Bank will offer new shares to domestic investors from Nov. 30 to Dec. 2 as part of capital raising measures to boost its financial strength, an official at the bank said on Monday.

Greece’s largest lender by assets was found to have a capital shortfall of 1.58 billion euros ($1.68 billion) under baseline assumptions in a European Central Bank health check last month, and a bigger gap of 4.6 billion under an adverse scenario.

It has raised around 1.16 billion euros in a bond-for-shares swap and a share placement to international investors, and generated capital for 120 million euros through a number of actions that were validated by the ECB.

The bank now aims to raise a further 300 million euros from the domestic offering, which will be priced at 0.30 euros per share.

“The offering will be open to all domestic investors without any minimum order,” the official, declining to be named, told Reuters.

After the domestic offering the bank will have plugged the capital hole under the baseline scenario.

On top of that it has said an additional 308 million euros will result from the conversion of other capital instruments into common shares, leaving a shortfall of 2.7 billion euros under the adverse scenario that is expected to be filled through state aid.

Reuters

You may be interested

Syros: Greek tradition & western influence come to a harmonious marriage
GREECE
shares48 views
GREECE
shares48 views

Syros: Greek tradition & western influence come to a harmonious marriage

Panos - Oct 20, 2017

Ermoúpoli (meaning “the city of Hermes”) is the island’s capital town and has been the first important trade and industrial…

Environment may have partially led to the fall of Queen Cleopatra, research suggests
WORLD
shares56 views
WORLD
shares56 views

Environment may have partially led to the fall of Queen Cleopatra, research suggests

Panos - Oct 20, 2017

Environmental records and historic documents suggest a volcanic eruption could have aided the Romans in victory According to a report…

Greek astronomer in Germany discovers spindle-like galaxies
GREECE
shares46 views
GREECE
shares46 views

Greek astronomer in Germany discovers spindle-like galaxies

Panos - Oct 20, 2017

Athanasia Tatsi is another Greek scientist at the forefront of global scientific research this time in the field of Astronomy.…

Leave a Comment

Your email address will not be published.