ECONOMY

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.