Finansbank IPO underpins surprise NBG Eu2.8bn capital raise
National Bank of Greece launched a Eu2.8bn equity- raising exercise on Tuesday evening in a deal that should give it enough capital to withstand a tougher scenario than even the CEBS stress test’s sovereign shock baseline. The bank is raising Eu631m through a rights issue, Eu1.184bn from a parallel sale of pseudo-equity convertible bonds and also started the process of selling an up-to 25% stake in Turkey’s Finansbank, worth around Eu1bn.
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