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Originally published Thursday, May 2, 2013 at 4:25 AM

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Greece's Alpha Bank shares soar on recap deal

Shares in Greece's third largest lender, Alpha Bank, have shot up, a day after the bank announced it had secured enough support from the private sector to avoid coming under state control.

The Associated Press

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ATHENS, Greece —

Shares in Greece's third largest lender, Alpha Bank, have shot up, a day after the bank announced it had secured enough support from the private sector to avoid coming under state control.

In afternoon trading Thursday, Alpha shares were 16.5 percent higher. Earlier they had risen by more than 18 percent.

The market euphoria follows confirmation from Alpha that it will raise up to 550 million euros ($723 million) from private investors, including 457 million euros from a rights issue and the remainder from a private placing.

The rights issue is fully underwritten by a syndicate of international banks including J.P. Morgan, Citigroup, HSBC and Credit Agricole.

Under the terms of Greece's international bailout, banks must raise 10 percent of their recapitalization needs privately to avoid coming under state control.

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