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Greece's National Bank rights to start trade July 8

Published 07/07/2009, 07:10 AM
Updated 07/07/2009, 07:16 AM

ATHENS, July 7 (Reuters) - National Bank of Greece rights to a 1.25 billion euro ($1.75 billion) share issue will start trading on July 8.

Shares in Greece's largest lender started trading ex-rights on July 2. Rights will be listed on Wednesday and trade until July 16. Subscriptions to NBG's rights issue end July 22.

NBG will issue two new shares for every nine held at a price of 11.3 euros each. The new shares will be listed for trade on July 31, the bank said.

Chief Executive Takis Arapoglou has said the cash call was not due to a business downturn, but was a pre-emptive move given "banking sector dynamics in Europe", as European peers also look to raise fresh funds. (Reporting by George Georgiopoulos; Editing by Jon Loades-Carter)

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