NBG

Fitch Ratings has upgraded Greece's 'big four' banks (National, Piraeus, Alpha, Eurobank), giving them all a positive outlook.

Greece plans to conclude the re-privatization of its banks by early October with the sale of its last stake in National Bank, two sources familiar with the matter told Reuters on Wednesday.

On Monday (5/8), the General Index plunged by -7.37%, trading at 1,325.49 points, fluctuating between a low of 1,325.03 and a high of 1,428.01 points.

The current scenario reflects one of the most significant daily declines in recent years, comparable to February 24, 2022 (-6.42%) and March 23, 2020 (-7.58%). If the index falls below 1,300 points, it risks wiping out 2024’s gains.

National Bank (NBG) is launching a mortgage program for young people in an attempt to respond to their increased housing needs, but also to mobilize the mortgage market, which is sluggish due to low demand.

A crucial milestone is expected in March for the East to Med Data Corridor (EMC) telecommunications submarine cable system, an ambitious project aimed at creating an "international digital highway," where Cyprus, Greece and Saudi Arabia are key components.

Demand for a 20% stake in Greece's National Bank (NBG) held by the country's bank bailout fund was covered by more than six times on Tuesday, in the first day of a book-building process which ends later this week, a source with knowledge of the matter told Reuters.

"Demand covered 6.2 times the shares offered," the source involved in the process said on condition of anonymity.

National Bank, Greece's second-largest lender by market value, on Tuesday reported higher net earnings in the first nine months of 2023 compared with the same period a year ago as net interest income rose.

NBG, 40% owned by the country's HFSF bank rescue fund, said net earnings reached 791 million euros from €680 million in the first nine months of 2022.

The disinvestment program of the state from its holdings in banks will be fully implemented from this fall, starting with Eurobank and the allocation of its 1.4% stake.

Up next will be National Bank, in which the Hellenic Financial Stability Fund (HFSF) has the largest stake, amounting to 40.39%.

The latest update of the NBG's high frequency forecast of Greek GDP shows that Q2 GDP growth was very strong and more broad-based than the previous estimate.

GDP is now projected to have increased by c. 13.0% y-o-y (0.7% q-o-q, s.a.) in Q2:2021 - compared with previous estimates of 10.1% y-o-y in late-May.

MSCI has upgraded two systemic lenders, Eurobank and National Bank, to the main index for Greece, from which they had been demoted last November after the decline in their capitalization in 2018.