Eurobank Ergasias
ATHEX: Stock market downturn speeding up
The Greek stock market has now chalked up four declining sessions out of four so far in November, only on Wednesday the closing auctions failed to rein in the losses incurred by the benchmark. The banks index took quite a hit, tumbling almost 5 percent.
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ATM charges end for remote islands
Banks are not only freezing the charge hikes they had planned to impose on customers, following pressure from the government, but they are also abolishing some other charges previously introduced.
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ATHEX: Fresh climb for Greek bourse benchmark
Stocks in Athens resisted pressures and continued their upward trajectory on Monday, with banks getting the credit for grabbing investors' attention and leading the benchmark higher, although turnover remained below the 50-million-euro mark. Traders appear to be pricing in a likely Greek credit rating upgrade this Friday by Standard & Poor's.
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Eurobank struggles to flip loan-recovery unit to PIMCO, report says
Greece's Eurobank is struggling to finalize a deal to sell a majority stake in its loan-recovery business to US money manager PIMCO, sources familiar with the matter told Reuters, after a Sept. 30 deadline passed with no agreement.
New Infrastructure Fund to invest in energy efficiency, sustainability
Greece's new Infrastructure Fund will have resources of 450 million euros to work with and the participation of the country's four systemic banks to contribute to high-priority sustainability projects worth at least 650 million euros.
Alpha to follow Eurobank’s NPL example
Alpha Bank is working on a plan for the securitization of its nonperforming loans and their management by an independent company to which the lender's competent staff will be transferred.
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ATHEX: Notable gains for bourse benchmark
The benchmark of the Greek bourse jumped 20 points on Thursday after a sudden buying spree by traders that saw banks earn almost 4 percent. The favorable climate on foreign markets and the continuing decline of Greek bond yields appear to have convinced investors to buy back into local stocks again.
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National, Alpha’s Q1 results show rise in profits, efforts to clear NPLs
National and Alpha, two of Greece's top banks, alongside Piraeus and Eurobank, continued their bid to rid themselves of their bad loans, half-year results revealed on Thursday. Both banks' efforts to repair their balance sheets resulted in significantly improved profits.
Bank bond issues look likely
All four major Greek banks are expected, sooner rather than later, to issue Tier 2 bonds, even those which have already done so.
The total value of the bonds will depend on the Single Supervisory Mechanism's setting of Tier 1 capital requirements at the end of the year, but is estimated to come to 2.5 billion euros, including nearly a billion each for Alpha and Piraeus.
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A turbulent 20 years for Greek banks
The Greek banking system has radically changed over the past two decades. Mergers and acquisitions had already begun in the late 1980s, but it was two significant events 20 years ago that marked the beginning of a process that has led to the consolidation of the country's banking sector in the dominant "big four" (Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank).
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