NBG’s capital increase

National Bank, Greece’s largest lender, got shareholder approval yesterday for a 3.0-billion-euro rights share issue to finance the acquisition of Turkey’s Finansbank. The capital increase was approved by a large majority of shareholders at a tumultuous meeting at which several investors voiced their disagreement with the acquisition. «Thank you very much for your support,» Chief Executive Takis Arapoglou told shareholders after receiving approval for the capital increase. Speaking in Parliament yesterday, Economy Minister Giorgos Alogoskoufis also backed the acquisition. Management told shareholders the rights offer will be four new shares for every 10 held at a price of 22.11 euros per share. National Bank shares closed 5.77 percent down at 31.38 euros. In early April National said it would pay $2.77 billion for a 46 percent stake in Finansbank, a record Greek-Turkish deal. (Reuters, Kathimerini)