ATHENS, April 19 Greece's third-biggest lender
Alpha Bank on Friday launched an offer to buy back at
a discount subordinated and hybrid bonds with a nominal value of
317 million euros ($415 million) as part of moves to strengthen
its capital base.
Greece's international lenders have asked banks to reduce
the remaining amounts of hybrid securities they have issued as
part of liability management moves to facilitate their
The country's top four banks, including Alpha, need 27.5
billion euros in fresh funds to restore their solvency levels,
funded mostly out of Greece's EU/IMF rescue loans, and help them
regain access to interbank lending.
Alpha is offering to buy back from investors five series of
securities in cash, at prices ranging from 35 percent to 55
percent of their nominal value. Its offer expires on May 9 with
expected settlement on May 14.
"The offers are part of a range of proposals to strengthen
the core Tier 1 capital base of the bank," Alpha said.
J.P. Morgan and HSBC will act as deal
Earlier this week Alpha got the green light from its
shareholders for a 4.57 billion-euro recapitalisation plan to
improve its solvency ratios and avoid full nationalisation.
(Reporting by Lefteris Papadimas; Writing by George
Georgiopoulos; Editing by Greg Mahlich)