Key Developments: Eurobank Ergasias SA (EGFEY.PK)
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19 Apr 2013
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Latest Key Developments (Source: Significant Developments)
Eurobank Ergasias SA Announces Fully underwritten EUR 457 Million Rights Offering From The Private Sector
Eurobank Ergasias SA announced that its Board of Directors has decided on the details of its recently announced EUR 4,571 million Capital Strengthening Plan. Up to EUR 550 million will be offered for cash consisting of an underwritten issue of new ordinary shares through transferable preemption rights granted to existing shareholders for an aggregate capital contribution of EUR 457 million (the “Rights Offering”) and a private placement to selected institutional investors for which pre-emption rights have been disapplied of up to EUR 93 million (“Private Placement”). The remaining part of the EUR 4,571 million Capital Strengthening Plan will be covered by the Hellenic Financial Stability Fund (“HFSF”) through direct subscription. The subscription price for all new ordinary shares to be issued in the Rights Offering, the Private Placement and to the HFSF will be Euro 0.44 per share (“Subscription Price”). For each new share subscribed for in the Capital Increase by private sector investors, the HFSF will issue separately traded warrants which will permit holders thereof to purchase shares subscribed by the HFSF at selected intervals over the next 4.5 years at the Subscription Price increased by an annual margin. The Rights Offering is fully underwritten by a syndicate of international investment banks. Full Article
Eurobank Ergasias SA Announces Details Regarding EUR 5.80 Billion Recapitalization
Eurobank Ergasias SA announced that its Board of Directors decided to propose to the General Meeting, which will be held on April 30, 2013, to proceed with a share capital increase of EUR 5,839,000,000 billion to be subscribed to entirely by the Hellenic Financial Stability Fund (HFSF) through contribution in kind of bonds issued by EFSF. Full Article
Eurobank Ergasias SA Announces EUR 5.80 Billion Recapitalization
Eurobank Ergasias SA announced that its Board of Directors decided to convene a General Shareholders Meeting on April 30, 2013 in order to discuss the Bank`s EUR 5.80 Billion recapitalization. Within the current legal framework, a part of the recapitalization may be executed through the issuance of CoCos thus reducing the amount the total of the Common Shares rights issue by an equal amount. Existing shareholders as well as other private investors will have the right to participate in the rights issue, while the entire recapitalization amount has already been guaranteed by the Hellenic Financial Stability Fund and has been already paid in advance to the Bank. Full Article
Eurobank Ergasias SA Announces Suspension Of Merger Process With National Bank of Greece SA
Eurobank Ergasias SA announced that the relevant regulatory authorities, with the consent of the management of both banks, have decided that National Bank of Greece SA (NBG) and Eurobank Ergasias SA will be independently recapitalized in full. As a consequence, the merger process of the two Banks is being suspended. As per the announcement of the Bank of Greece, the recapitalization process for the four systemic banks will be completed before the end of April 2013. Full Article
Eurobank Ergasias SA Announces Initiation Of Merger Process By National Bank of Greece SA
Eurobank Ergasias SA announced that its Board of Directors, decided to initiate the merger process with the National Bank of Greece SA. The merger will be effected through the absorption of Eurobank Ergasias SA by National Bank of Greece SA, by consolidating the assets and liabilities of the two merging banks, in accordance with the combined provisions of article 16 of l. 2515/1997 and articles 69-77a of cl. 2190/1920. Merger reference date will be the December 31, 2012. The balance sheets of December 31, 2012, will be used as the merger balance sheets of the two banks. Full Article
Cyprus Airways Public Ltd Announces Changes In Stake Held By Eurobank Ergasias SA
Cyprus Airways Public Ltd announced that after the conclusion of the share capital increase through Rights issue, on February 7, 2013, the shareholding of Eurobank Ergasias SA in the Company has decreased from 5.21% to 1.04%. Full Article
Eurobank Ergasias SA Announces Results Of Public Tender Offer By National Bank Of Greece SA
Eurobank Ergasias SA announced that following the completion of National Bank Of Greece SA's (NBG) voluntary tender offer addressed to Eurobank’s ordinary shareholders, NBG acquired on February 20, 2013, 466,397,790 ordinary shares with voting rights, issued by Eurobank, representing 84.35% of its ordinary shares with voting rights. As a result of this transaction, the percentage of the voting rights held in total (directly and indirectly) in Eurobank by NBG stands as of February 20, 2013, from 0.40% to 84.75%. Full Article
National Bank of Greece SA And Eurobank Ergasias SA Seek Delay To TT Hellenic Postbank S.A. Sale; Hellenic Financial Examines Alpha Bank S.A. And Attica Bank S.A.'s Offer For Postbank-Reuters
Reuters reported that National Bank of Greece SA and takeover target Eurobank Ergasias SA have asked authorities to delay picking a buyer for troubled state lender TT Hellenic Postbank S.A. until their transaction is complete. NBG, one of four bidders for Postbank, wants to avoid the Postbank race complicating NBG's tender offer to Eurobank shareholders, which was launched in October before the bank expressed its interest in the state lender. Eurobank, which has a stake in Postbank, has also submitted a non-binding offer for it. Eurobank said extending the selection process for Postbank suitors would give it time to come up with a combined offer with NBG post-takeover. The Hellenic Financial Stability Fund is examining all of the non-binding offers submitted for Postbank, which also include submissions from Alpha Bank S.A. and Attica Bank S.A. Financial terms of the deal were not disclosed. Full Article
Eurobank Ergasias SA Completes Sale of Eurobank Takfen to Burgan Bank SAK
Eurobank Ergasias SA (Eurobank) announced that it has completed the sale of its Turkish operations (the Transaction) to Burgan Bank SAK (Burgan), following approvals from all competent authorities. Under the terms of the Transaction, which was announced on April 9, 2012, Burgan has acquired 99.3% of Eurobank Tekfen, from Eurobank and the Tekfen Group, for a consideration of 1x Book Value, i.e. approx. TRL 700 million. The Transaction increases Eurobank’s Core Tier I capital ratio by more than 50 bps (or capital equivalent of more than EUR 200 million) and improves its liquidity position by more than EUR 400 million. Full Article
Lampsa Hellenic Hotels SA Signs Preliminary Agreement With Eurobank Ergasias SA For The Lease Of King George Hotel
Lampsa Hellenic Hotels SA announced that it signed a preliminary agreement with Eurobank Ergasias SA for the lease of King George Hotel in Syntagma Square. The lease period is 10 years with an option to extend the lease for another five years. Full Article
Fitch Upgrades Greek Banks After Recapitalisation and Sovereign Upgrade
(The following statement was released by the rating agency) BARCELONA/LONDON, May 16 (Fitch) Fitch Ratings has upgraded National Bank of Greece's (NBG), Piraeus Bank's (Piraeus), Alpha Bank's (Alpha) and Eurobank Ergasias' (Eurobank) Long-Term Issuer Default Ratings (IDRs) to 'B-' from 'CCC', Short-term IDRs to 'B' from 'C' and Viability Ratings (VR) to 'b-' from 'f'. The agency has also revised the Greek banks' Support Rating Floors (SRF) to 'No Floor' from 'CCC' and affirmed the Support R
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