BUSINESS

HFSF confirms Eurobank share increase plan adjustment

By Yiannis Papadoyiannis

The Hellenic Financial Stability Fund confirmed on Tuesday in a statement that the timetable for Eurobank’s share capital increase will have to be changed to factor in the results of the stress test conducted by BlackRock Solutions, thereby dismissing claims that this would be due to possible legal consequences should banks be privatized on market terms.

“Regarding the start of the procedure for the share capital increase of Eurobank to draw some 2 billion euros, the timetable of the transaction will be adjusted in such a way as to take into account the completion of the assessment of the future capital requirements of the Greek banking sector, as well as the new recapitalization framework,” the HFSF statement said.

It added that the fund and Eurobank appreciate the strong interest of investors in the capital increase process, and that the lender’s capital position on December 31, 2013 will be above the required threshold.

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