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UPDATE 1-Alpha Bank plans rights issue, convertible bond
ATHENS, May 27 (Reuters) - Alpha Bank, Greece's third-largest lender, said on Friday it would seek approval from shareholders at a June 21 annual meeting for a rights offering and a convertible bond issue to boost its capital.
Greek banks, hit by the country's sovereign debt crisis, have been boosting their capital base to cope better with a protracted recession at home that has led to a rise in non-performing loans.
With access to interbank funding mostly shut, they have become dependent on the European Central Bank for liquidity.
Alpha, which rejected an all-share takeover bid by rival National Bank in February, said the planned bond issue -- up to 10 percent of its share capital and convertible into common shares -- would be privately placed.
The bank said management would seek approval to buy back 940 million euros of preferred shares and to proceed within 12 months with an issue of new shares, up to the amount of its share capital, which amounts to 2.51 billion, excluding the preferred shares.
The bank's paid in share capital, including 940 million worth of preferred shares it issued the government under a liquidity support scheme, amounts to 3.45 billion euros ($4.92 billion).
ATHENS, May 27 (Reuters) - Alpha Bank, Greece's third-largest lender, said on Friday it would seek approval from shareholders at a June 21 annual meeting for a rights offering and a convertible bond issue to boost its capital.
Greek banks, hit by the country's sovereign debt crisis, have been boosting their capital base to cope better with a protracted recession at home that has led to a rise in non-performing loans.
With access to interbank funding mostly shut, they have become dependent on the European Central Bank for liquidity.
Alpha, which rejected an all-share takeover bid by rival National Bank in February, said the planned bond issue -- up to 10 percent of its share capital and convertible into common shares -- would be privately placed.
The bank said management would seek approval to buy back 940 million euros of preferred shares and to proceed within 12 months with an issue of new shares, up to the amount of its share capital, which amounts to 2.51 billion, excluding the preferred shares.
The bank's paid in share capital, including 940 million worth of preferred shares it issued the government under a liquidity support scheme, amounts to 3.45 billion euros ($4.92 billion).
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