Hellenic Bank raises 201 mln euros in new capital

NICOSIA – Cyprus’s Hellenic Bank has raised 201 million euros in new capital, covering the adverse scenario capitalization shortfall of Europe-wide stress tests in October.

The bank said its three major shareholders – Wargaming, Third Point Hellenic Recovery Fund and Demetra Investments – fully supported the rights issue.

Stress tests found a 105-million-euro gap in the capitalization of Hellenic under adverse conditions.

Hellenic said that the capital issue brought its common equity tier 1 to 12.8 percent.

It said the bank had the right to raise an additional 20 million euros in capital corresponding to unexercised rights before the end of January 2015 if necessary. [Reuters]

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