Finally, the picture has become clearer. NBG will survive, and eventually thrive.
National Bank of Greece avoids nationalization
ATHENS, Greece (AP) — 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.