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-Greece says National Bank capital raise oversubscribed.

Global Banking News-October 14, 2010--Greece says National Bank capital raise oversubscribed(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 14 October 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

National Bank of Greece (NBGr.AT) (NYSE: NBG) (ETE.ATH), Greece's largest lender, has said that its EUR1.8bn capital raising has been oversubscribed 1.83 times, Dow Jones Newswires has reported, citing people familiar with the matter.

NBG has proposed a one-for-five rights issue at a price of EUR5.20 and the issue of non-interest-paying convertible notes at a rate of three notes for every eight common shares at a conversion price of EUR5.20, for raising EUR1.8bn. 'For the combined offering of the new shares and the convertible equity notes [there was] a 1.83 oversubscription rate,' NBG reportedly said.

The remaining of the planned EUR2.8bn capital raising will be provided by a minority sale of shares in the company's listed Turkish unit, Finansbank AS (FINBN.IS). However, NBG will not sell more than 20 percent of its holding and will still retain a minimum 75 percent stake in Finansbank, the report said.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Telecomworldwire
Geographic Code:4EUGR
Date:Oct 14, 2010
Words:213
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