10/ 05/ 2014
Last update: 19:55
ANA-MPA -- National Bank of Greece shareholders approved the completion of a 2.5-billion-euro share capital increase plan at an offer price of 2.20 euro per new share during a general meeting held on Saturday. The bank's equity offering, through a successful book building process held on May 6-8, was oversubscribed almost from the start.Following these developments, National Bank becomes the bank with the second largest free flow in the market, as the Hellenic Financial Stability Fund (HFSF) participation in the bank’s capitalisation fell to 57 pct, from 84.376 pct.
NBG Board Chairman George Zanias stressed that the "country's successful response to the huge challenge of stabilising the economy and the very rapid improvement in the investment climate lend support to a transition by the financial system to the next chapter, which is none other than the recovery and active support of the economy."
He said the signs of a start of a "virtuous cycle" for the Greek economy after a particularly painful period of adjustment had now started to take form as tangible economic results, with Greek paper having a global lead in terms of their performance.
"As a result, the Greek state and the increasing number of quality Greek enterprises, financial or otherwise, are in a position to draw funds from international markets at an ever more competitive cost," he added, noting that NBG had carried out bold reforms designed to make inroads into what he termed Greece's "last great deficit," that of foreign direct investments.
Source: AnaMpa Athens-Macedonian News Agency
