Thursday August 21, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
NBG sets its new share price at 2.20 euros

By Yiannis Papadoyiannis

National Bank of Greece’s share capital increase was completed with great success on Thursday with the price of the new shares amounting to 2.20 euros, or 124 percent of the bank’s accounting value.

Among those participating in the increase were some of the world’s biggest investors – among them BlackRock, Pimco, York Capital, Fidelity, Norges Bank, George Soros and the state authority of Abu Dhabi – once again confirming the definitive return of the country and its companies to the international markets.

The National Bank board convened on Thursday afternoon and sources say that chief executive Alexandros Tourkolias expressed satisfaction with the quality of investors who took part in the process as well as the high demand. The share issue was oversubscribed more than twice, with all shares sold to foreign investors.

The valuation of 124 percent is higher than that of the increases that the country’s other systemic banks have performed, reflecting the constant improvement in conditions and demand, leading to ever higher valuation levels.

The extraordinary general meeting of the bank’s shareholders is scheduled to take place on Saturday for approval of both the increase and the share price. After the completion of the increase National will have taken a major step toward its disengagement from the Hellenic Financial Stability Fund (HFSF). With the issue of the new shares the stake of the bank bailout fund is to shrink from 84 to 57 percent.

What National achieves with the increase is the rise of the private sector’s stake in the bank’s share capital as the process will increase the dispersion of shares, an improvement in the lender’s funding capacity, facilitating future access to the markets on improved terms, and a stronger position in supporting the recovery of the Greek economy.

ekathimerini.com , Thursday May 8, 2014 (23:19)  
Greek stocks post rise of 0.99 percent
Banks reject stress test concerns
Greek energy minister requests gas back-up
Greece an alternative route for South Stream, report suggests
Botched steroid deal led to Mani murders
A deal to sell steroids gone wrong appears to have been the reason for the murder of two bodybuilding fanatics, aged 25 and 26, whose bodies were found on Tuesday in a ravine on the outskirt...
Public works near completion, minister says
Eight public works projects, including the completion of a new stretch of highway at the notorious Maliakos Gulf in central Greece, are due to be completed by the end of the year Infrastruct...
Inside News
SOCCER
Greek soccer officials in refereeing probe to face prosecutor on Sept 15
Eleven soccer officials were on Wednesday given until September 15 before they have to face prosecutor Aristidis Koreas, who is investigating allegations that the draws to decide which match...
ATHLETICS
Long jumper Tsatoumas takes Greece´s second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
Inside Sports
COMMENTARY
Logged out of reality
It is a global phenomenon, and we have yet to fully grasp its implications for democracy and the functionality of Western states. The Internet is a bottomless well of information and a vast ...
EDITORIAL
Manipulated institutions
Greece’s leftist opposition must not manipulate an institution as important as the President of the Republic for the sake of political ends. Regrettably, SYRIZA leader Alexis Tsipras appears...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Botched steroid deal led to Mani murders
2. Greek stocks post rise of 0.99 percent
3. Banks reject stress test concerns
4. Greek energy minister requests gas back-up
5. Greece an alternative route for South Stream, report suggests
6. Public works near completion, minister says
more news
Today
This Week
1. Greek current account surplus widens in June
2. Two missing men found shot dead near Kalamata
3. Logged out of reality
4. Greek firms see 30 pct rise in PayPal payments from abroad in 2014
5. ECB in policy limbo, boxed in by its own plans
6. Greece to give children at primary school road safety lessons
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Canada’s fiscal adjustment has lessons for Greece
3. Treating Amphipolis with care
4. Greece to offer law on restructuring bad loans next month
5. Greece’s recession eases as country nears end to six-year slump
6. Ministry sys ‘no’ to debt collection agencies
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.