ECONOMY

Major shifts in local bank ownership

Major shifts in local bank ownership

The recapitalization of Greece’s four systemic banks has led to a redistribution of major foreign private funds, after reducing the state’s participation in the process to 4.6 billion euros from a total of 10 billion euros disbursed for the banking sector’s capital increase.

The lenders’ bourse filings reveal significant shifts in bank ownership. For instance, France’s Credit Agricole is now the owner of an 9.85 percent stake in Alpha Bank following the conversion into shares of the bonds its insurance arm held. Among Alpha’s main shareholders one can also find Paulson & Co with 6.51 percent, while the stakes of Qatar and Paramount Services Holding have dropped below the 5 percent mark.

Eurobank announced that Fairfax Holdings’ stake has dropped to 16.48 percent while Capital Research & Management Company controls 8.14 percent in the Greek lender. Mackenzie Financial Corporation saw its holding shrink below 5 percent.

Piraeus Bank Vice President Stavros Lekakos stated on Tuesday that 40 percent of the new money in the lender’s recap has come from Greek investors, and appeared optimistic about the future of the Greek economy and the financial health of local enterprises.

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