ECONOMY

Alpha to gain shareholder approval for share increase

alpha-to-gain-shareholder-approval-for-share-increase

Alpha Bank is on track to secure shareholder approval for a planned 800-million-euro share offering in a vote today, banking sources told Reuters.

One Alpha source said yesterday that shareholders were “overwhelmingly in support” of the proposal, which will need the backing of at least two-thirds of those at the extraordinary general meeting and a 50% quorum for the offering to proceed.

Supporters included the bank’s major shareholder, the Hellenic Financial Stability Fund (HFSF), which holds nearly 11%, a source at the fund said.

Alpha wants the fundraising to fuel growth as European Union recovery funds start flowing in. [Reuters]