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Greece's NBG says to cover capital need without share issue
March 6, 2014 / 7:27 PM / 4 years ago

Greece's NBG says to cover capital need without share issue

ATHENS, March 6 (Reuters) - Greece’s largest lender National Bank plans to cover its 2.18 billion euro capital shortfall without resorting to a share issue, it said on Thursday after the central bank released the results of an industry-wide stress test.

The bank said the capital shortfall resulted mainly from “extremely adverse” stress test assumptions on its Turkish unit Finansbank.

“In line with Bank of Greece instructions, National will submit by April 15 a capital action plan which to be implemented within a reasonable time frame. This plan will cover capital needs without a share capital increase,” the bank said. (Reporting by George Georgiopoulos, editing by Harry Papachristou)

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