Thursday September 18, 2014 Search
Weather | Athens
27o C
20o 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)  
Very lucky punters set to be probed
London roadshow starts with record turnout
Banks set to request 6.1 bln under TLTRO
More efforts to cut the price of milk
Police report identifies officers with ties to Golden Dawn
A year after the killing of leftist rapper Pavlos Fyssas by a Golden Dawn supporter amid allegations of links between the neofascist party and the Hellenic Police, a report by the force’s in...
Increasing number of mayors blocking contract reviews
The number of mayors refusing to comply with the government’s demand that they submit the contracts of all municipal employees who had their fixed-term deals turned into open-ended agreement...
Inside News
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
SOCCER
Mitroglou rediscovers scoring touch after Fulham let-down
Costas Mitroglou banished the memories of his disappointing spell in England after breaking a 10-month goal drought as Olympiakos Piraeus secured a thrilling 3-2 Champions League win over At...
Inside Sports
COMMENTARY
Loud patriotism
I admit that whenever politicians drag religious faith and worn-out patriotism into discussions I button up. I feel the same way when I see bishops blatantly getting involved in politics. To...
EDITORIAL
In need of a second wind
Greek Prime Minister Antonis Samaras and a few of his ministers have gone to great lengths to see Greece regain credibility in the eyes of its partners. Given that the state mechanism is not...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Very lucky punters set to be probed
2. London roadshow starts with record turnout
3. Banks set to request 6.1 bln under TLTRO
4. More efforts to cut the price of milk
5. Skiathos tops Greeks’ online summer holiday searches
6. IMF departure gets on the table
more news
Today
This Week
1. Loud patriotism
2. SYRIZA victory would spark a bank run, PM reportedly warns
3. Production of the new Pony to start by the end of the year, NAMCO says
4. Davutoglu calls for a two-state solution in Cyprus
5. Tsipras to meet with Pope Francis on Thursday
6. In need of a second wind
Today
This Week
1. Greece on standby
2. Avramopoulos appointed Commissioner for Migration and Home Affairs
3. Central Athens traffic restrictions back in force on Monday
4. Greece at bottom of social justice scale among EU28
5. EU bank tests may miss trillion dollar risk, study finds
6. Lost in the fog
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.