Market happy with bank changes

The government is making managerial changes in the credit sector that are so far being viewed as market- and investor-friendly, though it seems it will not be affecting the administrations of the Piraeus Group and Alpha Bank, following new appointments at Eurobank.

Nikos Karamouzis has been chosen as the new chairman at Eurobank, of which he is one of the founding members, while Fokion Karavias was named the lender’s new chief executive officer. The appointments have dispelled market fears about the risk of the leftist party’s choices and led to a rise in Eurobank’s stock price by over 14.5 percent yesterday.

Deputy Prime Minister Yiannis Dragasakis, meanwhile, had what was described as “good” meeting on Monday with Piraeus Group Chairman Michalis Sallas. Sources said that the two men discussed the state of the economy, the credit system and liquidity conditions, as well as alternative options for restarting the economy in particular.

Although neither side commented on the possibility of administrative changes to the Piraeus Group, sources said that the government does not intend to make any changes to Piraeus or Alpha Bank. National will experience some change, along Eurobank’s lines.