ECONOMY

Eurobank to issue new shares after reverse split

Greece’s fourth-biggest lender Eurobank will issue new shares under its recapitalisation plan at a price of 1.541 euros after being adjusted for a 10-for-1 reverse split, chief financial officer Paula Hadjisotiriou said on Tuesday.

The shares will be taken up by the country’s bank rescue fund after the lender failed to secure enough support from private investors under its 5.84 billion euro recapitalisation plan to avoid state control.

[Reuters]