National Bank of Greece

Greece’s biggest lender by assets, National Bank (NBG), reported higher-than-expected profit in the first quarter, helped by lower funding costs, its Turkish unit Finansbank and reduced provisions for bad loans.

The group posted net earnings of 181 million euros in January to March, its sixth straight profitable quarter.

National Bank of Greece plans to sell a minority stake in Istanbul-based Finansbank as part of plans to boost capital.

The lender, based in Athens, will submit a restructuring plan later this year which includes the sale of a “significant” minority stake in Finansbank, according to a statement posted on its website.

Fitch Ratings announced on Tuesday it has affirmed the long-term issuer default ratings of National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank at B- with stable outlooks.

[Reuters]

National Bank of Greece (NBG) became the latest of Greece's four major lenders to successfully tap international markets as prospects of a recovery in the Greek economy lure investors.

National Bank of Greece will price its 2.5 billion euros ($3.48 billion) share placement at between 2.20 and 2.30 euros a share, two sources familiar with the transaction told Reuters.

The National Bank of Greece has priced its share offer at 2.00-2.60 euros a share, in a placing worth up to 2.5 billion euros, two sources familiar with the matter said on Wednesday.

“There has been incredibly broad-based demand,” one of the sources said.

By Yiannis Papadoyiannis

The book for National Bank of Greece’s 2.5-billion-euro share capital increase opens on Tuesday and will close on Thursday, with the price for the sale of the new shares to be determined by investor offers.

On Saturday a general meeting of the bank will approve the share increase and the share price, completing the process.

LONDON - Peripheral banks, used to paying generous new issue spreads compared to banks from the eurozone core, have become victims of their own success, and overwhelming demand for their bonds has withered in recent weeks as spreads have tightened.

Greece's largest bank National Bank (NBG) will issue a 5-year, fixed-rate bond to raise up to 750 million euros ($1.04 billion) and boost its liquidity, the bank said in a stock market filing on Thursday.

National Bank of Greece is preparing to price a senior unsecured bond at a lower yield than its sovereign, in a sign that the «doom-loop» between sovereigns and their banks might finally be broken.