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As Greek banks struggle to clean up their balance sheets of bad loans, investors have been left pondering another uncertainty: Who will lead the country’s biggest lenders?
National Bank of Greece raised 300 million euro from a share offering to domestic investors as part of measures to shore up its capital, a bank official said on Thursday. "National Bank achieved its target and raised 300 million euros," the official said, who requested anonymity as the figure is due to be officially announced later. Greece's largest lender by assets was found to have a capital shortfall of 4.6 billion euros ($4.86 billion) under an adverse scenario in a European Central Bank health check in October.
American depositary receipts ("ADRs") of National Bank of Greece (NBG) are in the process of being delisted, as announced by the New York Stock Exchange ("NYSE") on Nov 27.