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Greek Banks Face Dividend on Preference Shares, Kathimerini Says

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Sept. 12 (Bloomberg) -- Greek Finance Minister Yannis Stournaras approved an opinion by legal counsel that the country’s banks must pay the state an annual 10 percent dividend on preference shares, Kathimerini reported, citing the Finance Ministry.

The banks will have to pay a combined total of 500 million euros ($643 million) a year on preference shares that were issued as part of state support for enhancement of their capital levels, the newspaper said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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