ATHENS May 31 National Bank of Greece (NBG)
, the country's largest lender, has launched an
offer to buy back its U.S.-listed ADS preference shares for a
total of $281 million, it said on Friday.
The bank is offering to buy back up to 22.5 million
American Depository Shares out of the 25 million outstanding for
$12.50 each, at a 50 percent discount to their nominal value, an
official at the bank said.
Each ADS corresponds to one preferred NBG share. The buyback
will boost the bank's Core Tier 1 capital by 175 million euros
($228 million) if all of the securities are tendered, the
The offer expires on June 28, with settlement expected on
NBG has not paid a dividend on its preferred shares since
March 2011 and will not pay one for its 2012 fiscal year.
Bank of America Merril Lynch will be the deal manager, NBG
(Reporting by George Georgiopoulos; Editing by Greg Mahlich)