Boston, MA 10/22/2013 (wallstreetpr) – National Bank of Greece (ADR) (NYSE:NBG), is a Greece-based financial institution, which offers a range of integrated financial services, including investment, corporate, and retail banking, asset management, stock broking, leasing, and venture capital, real estate, insurance, and consulting services.
The bank is able to avoid state control, as it was able to raise the capital so that it restores its solvency. The company issued 2.2 for 1 share to its existing share holders, as it was able to raise 10.8% with half of the amount coming from foreign investors and about 120,000 domestic retailers took part in this subscription.
The bank is coming up with the new offer of buying –back American depository shares,.Out of the total outstanding of 25 million ADS, the bank is offering to buy back 22.5 ADS at the rate of $ 12.50 per each share. By doing this, bank would be in better position to raise its Tier-I capital by 175 million euro.
National bank of Greece makes the declaration of growth in share capital by euro 682,237,762 as the offer price of new share is to be Eur 4.29 as the total sum of Eur 9,073,762,238 will be credited.
The bank has submitted the binding offer for the acquisitions of the new Hellenic post bank. It will acquire 100% stake in the bank.
In terms of the merger, the bank announced other deal pertaining to the absorption of probank. The merger with one of the major parts of probank will give access to the NBG to euro 3,103 million of assets as well as the euro 3,203 million of liabilities along with the network of 11 branches.
After the changes made by the bank in terms of recapitalization and sovereign upgrading, the rating company Fitch upgrades covered bonds rating from “CCC” to “B-“.
