Friday December 19, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Alpha shareholders clear bond issue to Credit Agricole

Shareholders of Greece’s Alpha Bank approved a convertible bond issue to be placed with Credit Agricole as part of a deal to take over the French lender’s ailing Greek unit, Emporiki Bank.

They also empowered management on Thursday to make other bond and share issues to help raise the bank’s capital in line with the terms of the recent international bailout of Greece.

The convertible bond issue of up to 150 million euros will be privately placed with Credit Agricole under an agreement Alpha clinched in October to buy Emporiki.

Credit Agricole took a 2-billion-euro loss on the sale of loss-making Emporiki as it decided to pull out of economically troubled Greece.

Credit Agricole was the most exposed to Greece among French banks, which have spent the past year slashing investments there after an expansion spree during the boom times.

The shareholders also approved additional rights offerings and convertible bond issues to support the bank’s recapitalization next year.

No amounts or terms were set. Battered by rising loan impairments and losses from a sovereign debt swap in March this year, Greece’s viable banks will have to be recapitalized to restore their capital adequacy core Tier 1 ratio to at least 9 percent.

Greece and its international lenders have earmarked 50 billion euros from the country’s 130-billion-euro bailout to recapitalize viable banks and wind down others.

Under the plan, banks will have to issue new shares to achieve a core Tier 1 ratio of at least 6 percent and contingent convertible bonds, or CoCos, to boost it to 9 percent by end-April next year.

Alpha, Greece’s No 3 bank by assets, reported a loss of 711.8 million euros in the nine months to end-September.

It disclosed that its total recapitalization need as set by the central bank is 4.6 billion euros.

[Reuters]

ekathimerini.com , Friday December 28, 2012 (20:57)  
Importers told to pay up in advance
Jobless rate posts steady decline
Piraeus and KKR strike loans portfolio deal
German approval and praise come at key time
Stores wrecked in protests to be let off municipal fees
Athens Mayor Giorgos Kaminis on Thursday proposed that businesses in the capital that suffered damage when demonstrations turned violent on December 6, the sixth anniversary of the police ki...
SYRIZA rules out political consensus before polls
Leftist SYRIZA leader Alexis Tsipras on Thursday categorically ruled out any kind of consensus with other political parties before elections. “We are prepared at this historic moment to lead...
Inside News
SOCCER
PAOK loss at Giannina brings Olympiakos to within a point
The bad losses that PAOK and Panathinaikos suffered on the road on Thursday allowed Olympiakos to gain significant ground on the table and come to within one point from the top after the mid...
BASKETBALL
Reds lose in Turkey to motivated Galatasaray
Olympiakos went down at Galatasaray 79-74 on Thursday for its second defeat in the first round of the Euroleague that ended with the Reds topping their pool with eight wins in 10 games. With...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldn’t make it up: That Sony, one of the world’s biggest film producers, would be forced to pull a comedy about the assassination of North Korea’s dictator after a ...
COMMENTARY
Europe´s drama in Greece needs final act to avoid tragedy
Judging from Wednesday's vote in the Greek parliament, Prime Minister Antonis Samaras may not get the mandate he wants to keep economic austerity measures in place and avoid defaulting on th...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PAOK loss at Giannina brings Olympiakos to within a point
2. Reds lose in Turkey to motivated Galatasaray
3. Importers told to pay up in advance
4. Jobless rate posts steady decline
5. Piraeus and KKR strike loans portfolio deal
6. German approval and praise come at key time
more news
Today
This Week
1. Europe's drama in Greece needs final act to avoid tragedy
2. Election looms as Samaras fails to win vote for president
3. Kammenos maintains firm position, says general election is 'one-way street'
4. What SYRIZA says about Greece’s economy, its debt and the euro
5. Merkel says Russia sanctions to remain unless Putin yields; Greece's prospects 'better than two years ago'
6. Snap elections would lead to euro exit, says former premier
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Greece reruns doomsday scenario as politics collide with markets
6. Gap between SYRIZA and New Democracy closing, says poll
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.