Eurobank EFG - Eurobank News

Brief Summary of Key Market Developments

21/05/2013

Brief Summary of Key Market Developments

16/05/2013

Brief Summary of Key Market Developments

13/05/2013

egg - enter•grow•go: The evaluation of the proposals for the 1st cycle of the Programme has been completed

09/05/2013

Press Release

Liability Management Exercise – Share Capital Increase

01/05/2013

Following the Eurogroup decision (November 2012), the four systemic Greek banks must undertake liability management initiatives to enhance each bank’s capital adequacy.

In respect of this undertaking, the Board of Directors of Eurobank Ergasias S.A. (the “Bank”) decided to proceed with a liability management exercise (“LME”) in respect of the five series of hybrid securities (Lower Tier 1 – Series A, B, C, D and E) and the single subordinated medium term note (Lower Tier 2) (the “Securities”) it has issued. In particular, the Board of Directors decided to execute the LME on a voluntary basis as follows:

(a) repurchase by the Bank of the tendered Securities at their nominal value; and

(b) undertaking by holders tendering Securities to participate in the new share capital increase, for cash, with the proceeds of the repurchase, at a share issue price equal to the issue price of the share capital increase of €5.8 billion which was fully subscribed by the Hellenic Financial Stability Fund, within the framework of Greek law 3864/2010.

The participation of the Securities holders in the LME is at their discretion and the total nominal value of the tendered Securities that the Bank will accept will not exceed €580 million, out of the total nominal amount outstanding of approximately €663 million.

In order to execute the LME, the Board of Directors of the Bank called an Extraordinary General Meeting for Thursday, 30 May 2013, for the new capital increase for cash up to €580 million via a private placement to holders of the five series of hybrid securities (Lower Tier 1 – Series A, B, C, D and E) and the single subordinated medium term note (Lower Tier 2), with waiving of the pre-emptive rights in favor of the existing common and preferred shareholders of the Bank.

The aforementioned initiative further enhances the capital adequacy of the Bank, adding to the €5.8 billion recently fully subscribed by the Hellenic Financial Stability Fund. The new capital increase is expected to be completed in June, following the required approvals.

Invitation to Extraordinary General Meeting of Shareholders on 30 May 2013

01/05/2013

Announcement

Press Release

01/05/2013

Press Release

Resolutions of the Bank’s Extraordinary Shareholders General Meeting of 30.4.2013

30/04/2013

Announcement

Extraordinary General Meeting

30/04/2013

At what is a critical juncture for both the Greek banking system and the Greek economy, the banking system’s current complex process of recapitalization and strategic restructuring has led to the formation of four systemic banking groups capable of maintaining financing to the Greek economy and playing a central role in the country’s effort to exit the crisis and return to growth. This was emphasized by the CEO of Eurobank Mr. Nicholas Nanopoulos today (30.04.2013) at the Extraordinary General Meeting of the Shareholders.

Referring to current developments, Mr. Nanopoulos pointed out that “the Bank’s Board of Directors, taking into consideration all the available data and the current situation, decided, as you are already aware, to propose to the General Meeting the immediate and full recapitalization of the Bank through a share capital increase of €5.839 billion, which will be fully covered by the Hellenic Financial Stability Fund (HFSF)”. Summarizing the reasons that dictated this decision, the Bank’s CEO stressed that “especially in the case of Eurobank, raising the 10% private participation - a highly complex and difficult task in any event - involved additional difficulties and peculiarities not faced by the other systemic banks”. Specifically, Mr. Nanopoulos explained that “the suspension of the merger process injects tremendous uncertainty to the investment case. Prospective investors do not know whether Eurobank will remain an independent entity or become party to a merger and under what financial conditions; nor could they know the share exchange ratio in such an event. Therefore, the estimation of the share value would be impossible under such uncertain circumstances”.

He also noted that, “following the completion of the Voluntary Tender Offer by National Bank of Greece, Eurobank is deprived of its traditional shareholder base, now substituted by NBG’s 85% stake. Moreover, these shareholders are now NBG shareholders”. He also added that “since 5.10.2012, the date NBG submitted its Voluntary Tender Offer to Eurobank’s Shareholders, the Bank could not undertake any strategic actions (acquisition of other banks or assets and liabilities), thus missing out on significant opportunities to improve its equity base and realize synergies that would render participation in the share capital increase more attractive to private investors”.

The Chairman of Eurobank’s Board of Directors, Mr. Efthymios Christodoulou said, among others, that “today Eurobank is at a crucial juncture, at the end of a cycle and the beginning of a new one. This transition will be brief and will require everyone’s best efforts in helping to reorganize the Bank, in order to return to the private sector as soon as possible, and assume again its proper role as the country’s

Extraordinary General Shareholders’ Meeting 30.04.2013

30/04/2013

Press Release

Brief Summary of Key Market Developments

30/04/2013

Emerging Markets Special Focus Reports

30/04/2013
Cyprus: Trip Notes to Limassol & Nicosia, 14-16 April 2013

Global Markets Special Focus Reports

30/04/2013
ECB: a rate cut is the most likely outcome in the upcoming meeting

Greece Macro Monitor - Focus Notes

29/04/2013
Policies to contain public pharmaceutical expenditure by acting not only on the supply-side but on the demand-side as well

Greece Macro Monitor - Focus Notes

25/04/2013
An Updated Simulation for GDP and its components in 2013 and 2014

Brief Summary of Key Market Developments

24/04/2013

Emerging Markets Special Focus Reports

24/04/2013
Cyprus: A Simulation Exercise for GDP in 2013 and 2014

Reply to the Hellenic Capital Market Commission’s request dated 23.4.2013

23/04/2013

Announcement

Brief Summary of Key Market Developments

23/04/2013

Invitation to Extraordinary General Meeting of Shareholders on 30 April 2013

22/04/2013

Announcement

BoD decisions on recapitalization

22/04/2013

Press Release

Press Release

22/04/2013

Press Release

Emerging Markets Special Focus Reports

22/04/2013
Cyprus sovereign solvency outlook