-NBG to raise capital.
Global Banking News-September 9, 2010--NBG to raise capital(C)2010 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 09 September 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
National Bank of Greece (NBG)(NYSE: NBG) has announced that it is planning to raise capital.
The bank said that it is planning to raise about EUR2bn, thereby putting bank shares in the country under considerable strain because of speculation that other banks would follow suit.
The bank is planning to raise capital through a fully underwritten rights issue of EUR1.8bn. The deal would consist of equity rights and convertible equity notes.
The bank also plans to spin off at least 20 per cent of its unit in Turkey, Finansbank.
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