Seeking Alpha: NBG Tumbles 14%, Equity Sale. Had Previously Said Not Needed Before.

National Bank of Greece tumbles on reported equity sale

Apr 14 2014, 07:08 ET

• Moving ahead with a capital raise, reports Reuters, National Bank of Greece (NBG) has hired Goldman Sachs and Morgan Stanley to handle an equity offering of up to €2.5B - roughly the size of the capital hole to be filled under terms of Greece's bailout.
• The stock's down 14% in premarket action as the bank had previously said it would not resort to an equity sale to raise the necessary capital, but instead focus on cost cuts and the sale of non-assets.