Reuters
July 15, 2011
Greece's banks unveiled a raft of capital raising initiatives from potential rights issues to asset sales in a bid to bolster their financial health ahead of the announcement of stress tests results on Friday.
Piraeus Bank said on Friday it was negotiating the sale of its Egyptian subsidiary after EFG Eurobank announced talks to sell a Turkish unit on Thursday, while Alpha Bank shareholders voted in favor of a rights issue.
"It is no coincidence these announcements have been made now. Obviously the stress tests may show that even if Greek banks pass, they will be near the limit," said a Greek banking analyst, who declined to be named.
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