NYSE Is Delisting National Bank of Greece After 91% Plungeby
The New York Stock Exchange is delisting American depositary receipts of National Bank of Greece SA after they lost 91 percent of their value this year.
The ADRs were suspended on Friday, when their value slumped to 16 cents from as much as $1.96 in February. NYSE cited an “abnormally low” price in a statement.
Losses spiraled to a record this month, after the Greek lender sold new shares at a more than 90 percent discount to market prices. The nation’s four largest banks have been raising capital to help fill a 14.4 billion-euro ($15.3 billion) hole in their accounts identified by the European Central Bank.
National Bank of Greece has the right to appeal the decision to a committee of the board of directors of NYSE. The stock in Athens closed at a record low of 8 euro cents, taking its weekly slump to 64 percent.