ECONOMY

Greece’s Alpha set to trade ex-rights from May 13

Shares in Alpha Bank will trade without rights to its planned 457-million-euro share offering from May 13, the Athens bourse said, as the country’s big banks kick off their recapitalization.

Alpha’s rights offering, part of a 4.57-billion-euro capital strengthening exercise, got the go-ahead from the securities regulator and will be underwritten by J.P. Morgan, Citigroup, HSBC and France’s Credit Agricole.

Rights will trade from May 17 to 27, and the subscription period for the offering will run from May 17 to 31.

The bank will also issue new common shares to raise up to 92.9 million euros on which existing shareholders will waive their rights.

These shares will be privately placed with institutional investors.

[Reuters]