Sunday October 26, 2014 Search
Weather | Athens
17o C
13o 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)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.