Friday Jul 25, 2014 Search
Weather | Athens
32o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Piraeus and Alpha set for a share capital increase

By Yiannis Papadoyiannis

The process for the return of Greek banks Piraeus and Alpha to private hands following their recapitalization by the Hellenic Financial Stability Fund last year has moved a step closer, as the two lenders will not have to wait for the voting on the bill concerning banks share capital increases.

That is because they will conduct the process according to the existing legislation by offering new shares in a process that is separate from the exercise of warrants through which the HFSF will sell the banks shares to private investors.

Furthermore, the prices of both Alpha and Piraeus stocks are significantly higher than when they were recapitalized, so the increases can go ahead unhindered even if the bill is delayed. By contrast Eurobank will need the new law as it was recapitalized without private sector participation.

Alpha appears certain it will have its 1.2-billion-euro increase covered and will be hoping to attract investors on the strength of its finances, which according to its 2013 results issued on Monday showed an improvement in terms of liquidity as well as the quality of its revenues and loan portfolio.

Alpha saw its nonperforming loans decrease in the last quarter of 2013 for the first time since the financial crisis broke out in Greece, and the bank is not ruling out the distribution of a dividend in 2014. Alpha ended last year with losses of 303.7 million euros, against losses of 1.09 billion euros in 2012. Its bad loan rate dropped 20 basis points to 32.7 percent and operating spending fell 6.6 percent year-on-year.

Meanwhile the credit sector received a vote of confidence on Monday from Moodys and JP Morgan, which expressed agreement with the estimates for local lenders that the Bank of Greece announced on Friday totaling 6.4 billion euros.

Moodys said the BoG conclusions concurred with its own and deemed the outcome of the stress tests a positive credit event. JP Morgan said the BoG estimates were quite conservative, while Deutsche Bank issued a buy recommendation for National Bank shares.

ekathimerini.com , Monday March 10, 2014 (22:12)  
Aegean Airlines resumes flights to Tel Aviv
Draghi safety net becoming blindfold as bonds soar
Illegal betting worth 5.5-6 billion euros
Wait is still on for many taxpayers
PPC to look into death of disabled customer
The Public Power Corporation (PPC) launched an administrative inquiry on Thursday into why electricity supplied to the home on Crete of a quadriplegic customer on life support was cut, resul...
Boutaris plans Islamic art museum for Thessaloniki
Thessaloniki Mayor Yannis Boutaris on Thursday announced plans to establish a museum of Islamic art in Greeces northern port city. Boutaris, who was re-elected in May, told Kathimerini he h...
Inside News
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
COMMENTARY
Forty years of shortsighted party policies
It is 40 years since the restoration of democracy, and the two main parties which were established in 1974 and determined the countrys fate since then are unable to act their age. For decad...
EDITORIAL
Putting the past behind us
Democracy was restored in Greece 40 years ago and the country owes a debt to Constantine Karamanlis for handling the transition and anchoring the country firmly in the safe port of Europe wi...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Aegean Airlines resumes flights to Tel Aviv
2. Draghi safety net becoming blindfold as bonds soar
3. Illegal betting worth 5.5-6 billion euros
4. Wait is still on for many taxpayers
5. Hardouvelis to push for milestones target
6. IMF insists on eurozone lightening Greeces debt
more news
Today
This Week
1. Draghi safety net becoming blindfold as bonds soar
2. Aegean Airlines resumes flights to Tel Aviv
3. Quadriplegic woman on life support 'dies due to unpaid power bills'
4. Efforts continue on Crete to find 'Sifis' the crocodile
5. Democracy 'retreated' during crisis, says Papoulias
6. Family of deceased woman on life support says application for 'special status' had been filed with PPC
Today
This Week
1. Greece seen in third bailout as bonds not enough, economists say
2. Climber dies in Mount Olympus fall
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Greek banks able to tap investors after stress tests, HFSF Says
5. Unequal after death
6. Death on MH17 and our global war
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.