ECONOMY

World Bank’s IFC to pump up to 300 mln euros in Greek banks’ recap

World Bank’s IFC to pump up to 300 mln euros in Greek banks’ recap

The International Finance Corporation (IFC), a unit of the World Bank, plans to take part in the recapitalization of Greece's four big banks by investing up to 300 million euros in their share offerings, an IFC executive said on Friday.

"We have approval from our board to take part and invest up to 300 million euros in the bank recap," said IFC Vice-President Dimitris Tsitsiragos.

"The main goal is to re-establish confidence and trust about investing in Greece," he said.

Greece's four main banks – National, Piraeus , Eurobank and Alpha – need to fill a 14.4 billion euro capital shortfall, revealed in a European Central Bank stress test last month.

[Reuters]

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