The bank's board, headed by chairman Christis Hassapis, met on Friday after receiving instructions earlier in the day from
The board added that "the Group's management will engage directly with institutional investors. A possible capital transaction will be structured in a way that allows the opportunity for existing shareholders to participate."
This seems to have been the compromise that was sought between current shareholders and the central bank that warned several times during the past week that a capital increase was urgent in order to ensure the bank's viability.
The current board wanted more time to find a white knight of its own in order to secure shareholder representation through a 'clawback' programme that would allow existing stakeholders to set a target of 20-30% ownership over time so as not to see their investments diluted.
The bank's board said it "will re-convene an ad-hoc meeting to resolve upon the final terms of any capital transaction. The terms of any capital transaction would be subject to the approval of shareholders at an Extraordinary General Meeting that would be convened as appropriate, pursuant to the provisions of company's articles of association."
"Following the completion of such transaction, the bank intends to seek a re-listing of its entire ordinary share capital on the
The capital increase is expected to proceed over the next few weeks with roadshows planned in time for the ECB stress tests of 128 systemic banks within the Eurozone, all of which, bar the
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