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Eurobank Ergasias Services and S A : ANNOUNCEMENT - Resolutions of the Annual General Meeting of the shareholders, of the Board of Directors and of the Audit Committee of 23 07 2021
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Alpha Bank poised to gain shareholder backing for equity offer - sources
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LONDON Alpha Bank, one of Greece’s four largest lenders, plans to raise about 800 million euros ($975 million) in a sale of new shares to capitalize on lending opportunities at home as European Union recovery funds will flow in, it said on Monday.
The strategy update helped the bank’s shares rebound from a plunge of about 30% on Friday, rising 8.1% to 0.9764 euros in early Monday trade.
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The planned share sale will take place via a bookbuilding to international institutional investors and a public offering in Greece, targeting completion by mid-July, the bank said.
Greece’s Alpha Bank has launched an €800m capital raise to prepare for growth as the country benefits from the clean-up of non-performing loans and EU Next Generation funds.
T
HESE ARE anxious days for Kyriakos Mitsotakis, the Greek prime minister. The country is due to welcome tourists from around 35 countries from May 15th, but hotel bookings are looking thin and covid-19 lingers. Unless tourism recovers, the economy will shrink for a second year.
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There is some good news, though. On April 23rd
S&
P, a rating agency, upgraded the country’s sovereign rating to
BB. (That is still below investment grade, which officials expect to reach next year.) The agency also upgraded the country’s four big banks, though all remain in junk territory because of high levels of non-performing loans. These came to about 33% of the banking sector’s loan book, before provisions the legacy of the debt crisis of 2010-18.
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