National Bank gets green light from investors

National Bank CEO Takis Arapoglou addresses shareholders at the extraordinary meeting held yesterday. National Bank received shareholder approval for a 350-million-euro preferred share issue to boost its capital as part of a state-backed liquidity support plan. ‘(NBG’s) capital adequacy is among the 10 highest in Europe. In every stress test on capital adequacy, there was no reason for a larger capital boost,’ Arapoglou, as the bank’s chief executive, told shareholders. NBG shareholders approved the plan to sell the government preferred shares at 5 euros each. The shares will pay the government a 10 percent dividend. National, which has a market capitalization of 5.7 billion euros, has seen its shares fall 69 percent over the last year, underperforming a 60 percent retreat on the Athens bourse.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.