Greece's Alpha Bank says it has raised enough private capital to keep out of state hands

ATHENS, Greece – Greece's Alpha Bank says it has raised enough capital to avoid being nationalized, the first Greek bank to meet that target.

The country's third-largest lender by assets said Monday that foreign investors contributed significantly to its rights issue and private placement, which were held last month.

Greece's banks are being bailed out by a national rescue fund. To avoid nationalization, however, is that they must raise a tenth of their capital needs from private investors.

Alpha needed a total 4.57 billion euros ($5.94 billion) to remain solvent. It raised 457 million euros by placing shares with investors, with demand 1.65 times the amount offered.

The remaining sum will be provided by the 50 billion euro bank rescue fund set up with cash from Greece's international rescue loan program.