Tuesday October 21, 2014 Search
Weather | Athens
24o C
11o 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 Moody’s 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.

Moody’s 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)  
Athens bourse index leaps on big bank gains
Think-tank says political uncertainty slowing investment in Greece
Tax debts to Greek state exceed 70 billion euros
Greek 2013 budget gap revised down to 1.8 pct/GDP
Greek farmers warn they´re warming up for protests
Greek farmers are warming up for extended protest action, representatives of their unions warned on Tuesday after meeting in Larissa, central Greece, over the weekend. Farmers, who are compl...
Accomplice of Greece´s Number 1 fugitive arrested while trying to leave country
Self-styled anarchist Polykarpos Georgiadis, linked to Greece's Number 1 fugitive, was arrested at Athens International Airport on Tuesday while trying to board a flight to Brussels, in viol...
Inside News
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
The ECB collateral for Greece must be lowered to 5 pct
According to recent reports, the European Central Bank plans to reduce the “57 percent penalty,” that is the discount applied to almost all Greek government bonds (GGBs) held as collateral b...
INTERVIEW
The past, present and future of the Greek debt crisis
For a decade, until mid-2012, Josef Ackermann was the CEO at Deutsche Bank. It was a position that earned him the nickname “shadow chancellor” of Germany and allowed him to play a decisive r...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Athens bourse index leaps on big bank gains
2. Greek farmers warn they´re warming up for protests
3. Accomplice of Greece´s Number 1 fugitive arrested while trying to leave country
4. Think-tank says political uncertainty slowing investment in Greece
5. Trial over 2012 torture of Egyptian bakery worker in Salamina begins
6. Tax debts to Greek state exceed 70 billion euros
more news
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Gang importing heroin into Greece busted
3. Self-opposing coalition
4. Gutsy rectors
5. Applications for heating oil subsidy set to start
6. SDOE to probe Proton Bank loan to Thessaloniki businessman
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Istanbul skyscraper casts shadow over Greece's banking ambitions
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.