National Bank is making a new market foray on Tuesday, after its upgrade by Moody’s and recovery of investment grade.
BANKING
The Hellenic Financial Stability Fund (HFSF) on Monday announced the launch of the disposal of its stake in the share capital of Eurobank.
Part of the housing credit financing deficit, estimated at 6 billion euros per year, is to be claimed by mortgage credit companies.
The Capital Market Commission this week approved the initial public offering and listing of Optima Bank’s shares on the Athens Stock Exchange.
As of Monday, bank branches in Cyprus will be introducing a new priority service policy aimed at benefiting individuals with disabilities and those aged 75 and over.
The Athens Stock Exchange (ATHEX) on Tuesday officially approved the listing of Optima Bank’s shares on the market.
Moody’s Investors Service on Tuesday upgraded the long-term deposit ratings of six Greek banks that it rates (Alpha, Attica, Eurobank, National, Pancreta and Piraeus) by either one or two notches, as well as the stand-alone Baseline Credit Assessment (BCA) of those banks.
Bank of Greece Governor Yannis Stournaras on Friday issued a warning to banks, saying that favorable conditions which contributed toward the increase of their profitability will not be continued in the future.
National Economy and Finance Minister Kostis Hatzidakis met with Hellenic Bank Association (HBA) President Vassilis Rapanos on Wednesday to discuss banks’ plans to help with the repercussions of storm Daniel.
The upgrade of Greece to investment grade has significant, albeit limited, “practical” benefits, however, in symbolic terms it is certainly a much stronger catalyst.
Cypriot lenders CDB and Astrobank confirmed on Monday they are in merger talks, with the former buying the latter.
The government is using a carrot-and-stick approach to increase debt settlements through the out-of-court mechanism: It is tightening penalties in cases of noncompliance through provisions to be included in a bill to be tabled in Parliament around end-September.
Goldman Sachs expects Greek banks to show strong results in the third quarter of the year as well, following the trend of the second quarter, with further strengthening of net interest income, which will be supported by the 50-basis point increase in interest rates, to which it is estimated that the European Central Bank will have progressed in the specific period.
The divestment of the Hellenic Financial Stability Fund from Eurobank has been postponed by a few days following the acquisition of Hellenic Bank, in an attempt to value the bank based on the new financial data.
Greek banks have long been on the market’s radar following their turnaround.
Wargaming has announced its decision to sell its remaining stake of 6.8% (28,023,767 shares) in Hellenic Bank to Eurobank.
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