Key Developments: National Bank of Greece SA (NBG)
2.39USD
17 May 2013
$0.39 (+19.50%)
$2.00
$2.38
$2.47
$2.18
26,470,242
5,972,430
$3.25
$0.61
Latest Key Developments (Source: Significant Developments)
National Bank of Greece SA Absorbs Healthy Assets And Liabilities Of First Business Bank (FBB)
National Bank of Greece SA (NBG) announced that it will absorb the healthy assets and liabilities of the First Business Bank (FBB). On Monday, May 13, 2013 the network of the 19 branches of FBB will operate under the umbrella and the responsibility of National Bank of Greece. The healthy assets and liabilities of FBB, obtained by National Bank of Greece (based on March 31, 2013 data) relate to: EUR 1,403 million in liabilities of which EUR 1,241 million deposits and EUR 162 million other liabilities and EUR 1,498 million in assets of which EUR 1,230 million net loans and EUR 152 million other Assets. An independent audit firm will evaluate the Balance Sheet of FBB through due diligence process. The difference between the value of assets and liabilities will be covered by the Hellenic Financial Stability Fund, according to the existing procedure, which will have the effect of providing additional liquidity to NBG. The healthy part of FBB will be completely recapitalized by the Hellenic Financial Stability Fund, before its absorption by NBG. Credit Suisse Securities (Europe) Limited acted as the sole advisor to National Bank of Greece in the tender process. Full Article
National Bank of Greece SA Announces Recapitalization
National Bank of Greece SA announced the issuance, in implementation of Law 3864/2010 and Council of Ministers’ Act 38/2012 and pursuant to the provisions thereof, of contingent convertible bonds of unspecified maturity, convertible into common, dematerialized, registered voting shares of the Bank, with a redemption option by the Bank, of up to EUR 1,900 million (to be determined by the Bank of Greece), to be paid by contribution in kind, offering them through private placement and cancelling the pre-emption rights of the shareholders of the Bank. National Bank of Greece SA also announced an increase in the share capital of the Bank to raise funds of up to EUR 9,756 million by issuing new common registered voting shares, in accordance with Law 3864/2010, through payment in cash and/or contribution in kind with pre-emption rights for the existing shareholders in respect of the part of the increase that may be covered by cash, and cancellation of pre-emption rights in respect of the part of the increase that may be covered by contribution in kind. 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
National Bank of Greece SA Announces Initiation Of Merger Process Of Eurobank Ergasias SA
National Bank of Greece SA announced the initiation of the merger process with Eurobank Ergasias 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
National Bank of Greece SA Sees Interest From Fairfax Financial Holdings Ltd-Reuters
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. Full Article
National Bank of Greece SA Does Not Proceed With Tender Offer For The Acquisition Of Eurobank Properties Real Estate Investment Co
National Bank of Greece SA announced that it will not proceed with a tender offer for the acquisition of all the shares of Eurobank Properties Real Estate Investment Co. The reason is the failure to obtain the required license from the Directorate General for Competition of the European Commission. 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 To Cut 15% Of Workforce-Reuters
Reuters reported that National Bank of Greece SA on February 13, 2013 said it would cut up to 2,000 jobs, or about 15% of its workforce, to generate savings from its acquisition of smaller rival Eurobank . The cuts will target employees that are close to retirement and will be carried out on a voluntary basis, the bank said. They will be completed by March and will only affect National Bank employees, said a bank executive who declined to be named. 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
Astir Palace Vouliagmeni SA Announces Memorandum Of Understanding Between National Bank of Greece And Private Property Development Fund of the Greek State SA
Astir Palace Vouliagmeni SA announced that on October 10, 2012, its shareholder National Bank of Greece SA signed a Memorandum of Understanding with the Private Property Development Fund of the Greek State SA, for the use od the area of Mikro Kavouri in Vouliagmeni. 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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