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National Bank of Greece SA Sees Interest From Fairfax Financial Holdings Ltd-Reuters


Wednesday, 13 Mar 2013 04:07pm EDT 

Reuters reported that Greece's biggest lender, National Bank of Greece SA said on Wednesday that Canadian investment fund Fairfax Financial Holdings Ltd was interested in acquiring a stake in it by taking part in a planned recapitalisation. Under the terms of cash-strapped Greece's international bailout, its top four lenders must issue new shares by the end of April to replenish their capital after the losses they suffered in the debt crisis from bad loans and bond writedowns. The European Union and the International Monetary Fund have set aside EUR27.5 billion ($37 billion) in bailout funds to invest in the new bank shares. But private investors must buy at least 10% of them or the lenders will be nationalised. Fairfax is controlled by investment guru Prem Watsa.