Wednesday May 27, 2015 Search
Weather | Athens
14o C
09o 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)  
EU funds at risk due to payment halt by the state
Half of Greeks cover their needs from their deposits
Greece reaps 2 billion euros per year from cruise sector
Political, economic instability turns German tourists away
Athens waits to hear EU scheme for refugees
Greece will be looking with interest Wednesday at the news emerging from Brussels, where the European Commissioner for Migration, Home Affairs and Citizenship is expected to announce a plan ...
Parliament starts fresh inquiry into Siemens scandal
Parliament launched its latest inquiry into the Siemens cash-for-contracts scandal on Tuesday, with the head of the previous committee - former PASOK MP Syfis Valyrakis - being called as the...
Inside News
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
Inside Sports
COMMENTARY
Shame, justice, democracy
Contrary to the urban myth that Greek students are no longer taught Ancient Greek at school, they are both taught and tested on it. This does not mean to say, of course, that the subject is ...
EDITORIAL
Worrying signs in ruling party
Statements made by certain high-ranking SYRIZA officials during the partys central committee assembly on Saturday are a source of concern. It has become blatantly clear by now that a signif...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. AEK Athens returns to top league after financial collapse
2. EU funds at risk due to payment halt by the state
3. Half of Greeks cover their needs from their deposits
4. Greece reaps 2 billion euros per year from cruise sector
5. Athens waits to hear EU scheme for refugees
6. Political, economic instability turns German tourists away
more news
Today
This Week
1. IMF's Blanchard says Greek budget proposals not enough
2. Germany sees progress on Greece, EU officials to confer on Thursday
3. Overhaul planned for car taxation
4. Euro falls to four-week low as Greece deadlock spurs volatility
5. Time running out for Greece, ESM head Regling says
6. Heres a Greek business thats booming: Making test-tube babies
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Hotel contracts with a Greek default clause
5. Neither Grexit nor a dual currency will solve Greeces problems
6. Merkel said to plan address for Greece if deal reached
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.