National Bank (NBG)…

The country’s largest lender, National Bank (NBG), plans to raise 2.8 billion euros to bolster capital. The lender will offer existing shareholders 121.4 million new shares at 5.2 euros apiece to raise 631 million euros and sell convertible bonds to raise a further 1.18 billion euros by the end of October. It also plans to sell a minority stake of up to 25 percent in its Turkish unit, Finansbank. ‘The proposed capital boost… will allow the group to prepare for new macroeconomic conditions, while also multiplying the group’s strategic choices,’ NBG CEO Apostolos Tamvaka-kis said yesterday.

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