Greek bank avoids nationalisation
Published 13/06/2013 | 20:33
Greece's largest bank, the National Bank of Greece, said it has succeeded in raising enough capital to avoid being nationalised, becoming the second Greek bank to meet that target.
The debt-stifled country's banks are being bailed out by a 50 billion euro (£42.5 billion) national rescue fund set up with international bailout cash.
To avoid nationalisation they must raise a 10th of their capital needs from private investors. The remaining sum will be provided by the rescue fund.
In a statement, NBG said it has raised more than that minimum. It said it would provide further details on Friday. Its total recapitalisation plan is worth 9.76 billion euro (£8.3 billion).
Of Greece's four main lenders, Alpha Bank has avoided nationalisation while Eurobank failed to do so. Piraeus Bank's recapitalisation is under way.