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National Bank of Greece (ADR) (NBG) News: €1 Million Robbed, Love From Fitch & Hedge Funds’ Bets

Editor’s Note: National Bank of Greece (ADR) (NYSE:NBG)

Stocks Declining: National Bank of Greece (ADR) (NYSE:NBG), DynaVox, Inc. (OTCMKTS:DVOX) (GDPInsider)
National Bank of Greece (ADR) (NYSE:NBG) opened at 2.16, down on its previous close of 2.39 and market valuation currently sees the stock trading down 31.80%. The range for National Bank of Greece (ADR) (NYSE:NBG) is 1.33 and 2.17 and volume is 36.761 million—a 516.67% increase on average volume of 5.968 million. National Bank of Greece (ADR) (NYSE:NBG) has a market cap of $1.59 billion but has been undergoing reorganization of its capital structure. The bank announced recently that it is set to sell 2.27 billion new shares at a price of $5.50.

National Bank of Greece (ADR)

Greece: Prison escapees commit €1 million bank robbery (DigitalJournal)
Two armed robbers who held up the National Bank of Greece (ADR) (NYSE:NBG) in Larissa on Thursday and made off with €1 million euros, have been identified as two of the Albanian prisoners who escaped from Trikala prison in March. Eleven Albanian prisoners made a dramatic escape from Greece’s Trikala prison in March, in what was described as a “commando operation.” Since their escape the convicts that remain at large have woven a path of mayhem and destruction.

Fitch Upgrades Greek Banks (GreekReporter)
Fitch Ratings has upgraded National Bank of Greece (ADR) (NYSE:NBG)’s, Piraeus Bank’s, Alpha Bank’s and Eurobank Ergasias’ Long-Term Issuer Default Ratings to ‘B-‘ from ‘CCC’, Short-term IDRs to ‘B’ from ‘C’ and Viability Ratings to ‘b-‘ from ‘f’. The agency has also revised the Greek banks’ Support Rating Floors to ‘No Floor’ from ‘CCC’ and affirmed the Support Rating at ‘5’. These rating actions follow the banks’ recapitalisation and a more stabilised macroeconomic environment in Greece, which is reflected in the agency’s upgrade of Greece’s sovereign rating to ‘B-‘ from ‘CCC’ with a Stable Outlook. The Outlook on the banks’ Long-term IDRs is Stable, reflecting the close correlation with that of the sovereign.

Why Hedge Funds Love Greek Banks (MarketOracle)
The bad economic news out of Greece has dominated the headlines for several years now. As the country tries to work its way back to prosperity, a solvent banking system is going to be critical to the process. Banks have seen their capital base shrink from bond haircuts, bad loans and depositors withdrawing money to get it outside the beleaguered nation’s banking system. The National Bank of Greece (ADR) (NYSE:NBG) plan calls for a 1.71 billion euros rights offering and the rest from stock sold to the Hellenic Financial Stability Fund. The rights offering will include warrants allowing investors to buy back 7.33 shares from the fund for every share they subscribe for in the offering. Several of the larger hedge funds are expected to participate in the National Bank of Greece (ADR) (NYSE:NBG) offering. Although no funds have commented publicly, Europe’s largest credit fund CQS is also said to be interested in the recapitalization deals, as is Third Point.

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