National Bank of Greece says it has raised enough private capital to keep out of state hands

Published June 13, 2013

| Associated Press

Greece's largest bank, National Bank of Greece, says it has succeeded in raising enough capital to avoid being nationalized, the second Greek bank to meet that target.

The debt-stifled country's banks are being bailed out by a 50 billion euro national rescue fund set up with international bailout cash.

To avoid nationalization they must raise a 10th of their capital needs from private investors. The remaining sum will be provided by the rescue fund.

In a statement late Thursday, NBG said it has raised more than that minimum. It said it would provide further details Friday. Its total recapitalization plan is worth 9.76 billion euros ($13 billion).

Of Greece's four main lenders, Alpha Bank has avoided nationalization while Eurobank failed to do so. Piraeus Bank's recapitalization is under way.

URL

http://www.foxnews.com/world/2013/06/13/national-bank-greece-says-it-has-raised-enough-private-capital-to-keep-out/