ECONOMY

No share capital increase for Alpha

Alpha Bank denied press reports yesterday it was about to move ahead with a share capital increase, as speculation drove its stock more than 7 percent lower earlier this week. The local press has reported the bank would move ahead with a 1-billion-euro rights issue, following in the steps of National Bank, which recently completed an increase in share capital. «Alpha Bank states that press reports referring to an increase in share capital are totally inaccurate,» it said in a bourse filing in response to a query by the securities regulator. Shares in Alpha Bank moved higher on the Athens bourse after the announcement, gaining nearly 3 percent but later headed south to end 2.71 percent in the red at 8.96 euros. Its shares had lost 7.25 percent on Monday. The Athens bourse retreated 2.70 percent yesterday. In the filing, the bank also said it was «constantly monitoring economic developments» and that it made decisions while taking into account market conditions. Meanwhile, Credit Suisse increased its price target on Alpha Bank, Greece’s third-largest lender, to 12 euros from 10 euros previously, according to local press reports.