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National Bank Approved Share Capital Increase

National Bank of Greece would do everything possible to avoid resorting to the Financial Stability Fund, said CEO Apostolos Tamvakakis right after the approval of extraordinary general meeting of shareholders to increase the share capital of the bank by €1 billion by issuing preference shares to the Greek government. 

Greek banks have tough times ahead, he said, without excluding that something good could emerge from this situation. 

He declined to comment on PSI program, but noted that there would be a solution soon. 

Referring to Finansbank, A.Tamvakakis said that National Bank is not going to sell its whole holding in the Turkish subsidiary. 

He also said that the acquisition of Finansbank was the right choice by the National Bank Group, although it was expensive. 

The CEO noted also that the structure of banking system will change, but survival is top priority right now. 

“To avoid FSF, we will exhaust all possibilities to generate internal funds. For this reason we proceed with the issuance of preference shares”, he added.
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