National Bank of Greece files for CoCos buyback

National Bank of Greece announced on Monday that, following the conclusion of the sale of Turkish subsidiary Finansbank, it has addressed a letter to the Single Supervisory Mechanism (SSM) of the European Central Bank requesting approval to repurchase the contingent convertible bonds (CoCos) amounting to about 2.03 billion euros issued in December 2015 and held by the Hellenic Financial Stability Fund (HFSF).

The request is in line with NBG’s Capital Plan, as approved by the SSM in November 2015, and the commitments stemming from NBG’s updated restructuring plan, as approved by the European Commission in December 2015.

[Reuters]