National Bank of Greece (NBG) Slumps on Plan to Raise Share Capital

The National Bank of Greece (NYSE: NBG) is slumping early Monday on news that the company will look to raise about €2.1 billion of share equity.

NBG recently said that it wasn't planning to conduct an equity raise, but would take steps to address its capital shortfall.

The governor of the Bank of Greece, George Provopoulos, said in an interview last week the NBG could tap private investors if needed.

NBG will increase its share capital via payment in cash and cancellation of pre-emptive rights for ordinary shareholders. There might also be a proposal for the bank to repurchase about €1.3 billion of Greek-held preference shares.

NBG is down over 14 percent early.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Goldman Hires Sunil Khaitan as India Head of Financing, Kamna Sahni as India Head of M&A - Reuters
• FDIC Is Said To Approach Potential Buyers Of Republic First - Bloomberg