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Investment banks reap major gains

By Ilias Bellos

The commission that about 10 major foreign investment banks have collected for their participation in local banks share capital increases and the state bond issue during recent weeks averages 20 to 30 million euros apiece, according to Greek market sources.

Greece has therefore turned into a well of opportunity for investment bankers even by European standards, the same market professionals added.

These figures do not include other investment banking dealings such as Greek corporate bond issues or providing consulting services to state privatization fund TAIPED in the countrys sell-off program, which the same companies have undertaken. It does not even include the share capital increases that took place last year.

The usual commission rate for banks share capital increases amounts to 2-3 percent, while for sovereign bond issues it comes to less than 2 percent. As the state and the systemic banks have recently drawn funds of around 12 billion euros in total, the commissions will have totaled over 250 million euros for the major firms that brokered them.

ekathimerini.com , Sunday April 27, 2014 (21:52)  
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