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Greek prosecutor to investigate NBG, Eurobank share price volatility
April 12, 2013 / 5:52 PM / 5 years ago

Greek prosecutor to investigate NBG, Eurobank share price volatility

ATHENS, April 12 (Reuters) - A Greek Supreme Court prosecutor has ordered an investigation into whether the share prices of National Bank and Eurobank were manipulated before and after their planned integration was suspended, officials said on Friday.

The shares fell sharply on Monday after their plan to merge was suspended and the prospect of nationalisation loomed instead, after the banks said they were unlikely to be able to raise the new capital they need from private investors.

However, the shares then bounced back on renewed hopes that they would be able to find sufficient private funding after all.

“The prosecutor wants to examine whether there were persons with privileged information and whether they committed any crimes,” said a court official who asked not to be identified.

Shares in NBG and Eurobank both fell by an initial 30 percent on Monday to 0.36 euros and 0.105 euros respectively. NBG’s shares closed on Friday at 0.64 euros while Eurobank closed at 0.36 euros. ($1=0.7635 euros) (Reporting by Renee Maltezou; Editing by Greg Mahlich)

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