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NBG shares to trade ex-rights issue on July 2

Tue Jun 30, 2009 11:50am EDT

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ATHENS, June 30 (Reuters) - Shares of National Bank (NBGr.AT), Greece's largest lender, will trade without the right to a 1.25 billion euro ($1.77 billion) rights issue from July 2, the Athens Stock Exchange said on Tuesday.

The subscription period for the rights issue will be between July 8 and 22, the Greek bourse said. Rights will trade on the Athens Stock Exchange from July 8 to July 16.

National Bank (NBGr.AT) will issue two new shares for every nine held at a price of 11.3 euros each.

Chief Executive Takis Arapoglou said that the cash call was not due to a business downturn, but was a preemptive move given "banking sector dynamics in Europe," as European peers also look to raise fresh funds.

(Reporting by Harry Papachristou; editing by David Cowell)



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