ECONOMY

Strong interest shown in London in Greek credit sector

strong-interest-shown-in-london-in-greek-credit-sector

International investors showed keen interest in Greek banks at the annual financial conference organized by Morgan Stanley in London which ended on Thursday. There was a much better climate than in the recent past, with funds taking a positive view on the latest developments in the Greek credit sector and on the upcoming general election in Greece.

The US investment bank’s European Financials Conference is seen as the main annual event for international funds to be updated on the course and prospects of the European banking sector.

The heads of all major European lenders were present, alongside senior officials from Greece’s four systemic banks, who participated in group and one-to-one meetings with institutional and other investors.

According to a top Greek banking official who took part in the event, the attitude of foreign investors toward local lenders as well as regarding the country’s prospects was positive for the first time in years, thanks to the rise of bank stocks and the sovereign bond issues.

Investors showed particular interest in the two plans for the reduction of nonperforming loans through securitization by the Hellenic Financial Stability Fund and the Bank of Greece.

The new framework for the protection of borrowers’ main residences did not rank high on the meetings agenda.