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Greece's Eurobank drops capital increase plan, to fall under state control
April 22, 2013 / 3:41 PM / 4 years ago

Greece's Eurobank drops capital increase plan, to fall under state control

ATHENS, April 22 (Reuters) - Greek lender Eurobank said on Monday it would drop a rights offer plan to replenish its capital and would be instead fully recapitalised by the HFSF, a state bank rescue fund.

This makes Eurobank Greece’s biggest lender so far to fall under state control in the country’s debt crisis.

Eurobank’s capital needs had been set by the country’s central bank at 5.839 billion euros. The lender’s management said in a statement on Monday that plans to plug part of that hole by tapping shareholders could not be carried out after Greece’s lenders blocked Eurobank’s planned merger with rival National Bank. (Reporting by Harry Papachristou)

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