ECONOMY

Greece’s Alpha Bank announces 1.6 bln euro bookbuilding

greece-amp-8217-s-alpha-bank-announces-1-6-bln-euro-bookbuilding

Greece's Alpha Bank said on Wednesday it would seek to raise 1.66 billion euros through an international book building exercise which it expected to complete by Nov. 16.

Alpha Bank is one of four systemic Greek banks which were recently identified as having a capital shortfall in a health check carried out by the European Central Bank.

The check revealed a 2.74 billion euro shortfall under an adverse economic scenario, and a 263 million shortfall under a baseline scenario, the smallest capital gap among Greek lenders. [Reuters]