National Bank of Greece gets OK to issue contingent convertible bonds

By Rebecca Melvin

New York, Nov. 17 – Shareholders of the National Bank of Greece SA approved a plan to issue unsecured subordinated contingent convertible bonds as part of its recapitalization plan that will raise up to €4.6 billion in total, according to a news release on Tuesday.

The recapitalization plan also includes offering common shares to the public in Greece and to institutional investors abroad.

Current shareholders will waive their rights to the share offering.

The issue of perpetual and subordinated bonds will be contingently convertible into common, dematerialized registered voting shares of the bank payable by contribution in kind or payment in cash.

The bank together with its subsidiaries provides diversified financial services, including retail and commercial banking, asset management, investment banking, brokerage and insurance.

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