Wednesday May 27, 2015 Search
Weather | Athens
14o C
09o 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)  
EU funds at risk due to payment halt by the state
Half of Greeks cover their needs from their deposits
Greece reaps 2 billion euros per year from cruise sector
Political, economic instability turns German tourists away
Kareli trial postponed
The trial of thirteen correctional officers in connection with the death of Albanian inmate Ilie Kareli at Nigrita Prison in northern Greece was postponed on Wednesday after the defense cite...
FOCUS
Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
When the IMF’s point man on Greece, Poul Thomsen, rebuffed the nation’s proposal in December to unlock more bailout funding, he wound up making his job even tougher. The Greek government’s f...
Inside News
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
Inside Sports
COMMENTARY
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
EDITORIAL
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Kareli trial postponed
2. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
3. AEK Athens returns to top league after financial collapse
4. EU funds at risk due to payment halt by the state
5. Half of Greeks cover their needs from their deposits
6. Greece reaps 2 billion euros per year from cruise sector
more news
Today
This Week
1. Romantic notions meet reality
2. Solving the Gordian Knot
3. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
4. Kareli trial postponed
5. IMF's Blanchard says Greek budget proposals not enough
6. Germany sees progress on Greece, EU officials to confer on Thursday
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Hotel contracts with a ‘Greek default clause’
5. Neither Grexit nor a dual currency will solve Greece’s problems
6. Merkel said to plan address for Greece if deal reached
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.