The only way was up on Thursday for most banks after Wednesday's decline, with the credit sector (although not Piraeus Bank) carrying the rest of the stock market to significant gains - albeit not as impressive as some highs recorded during the course of the session. Turnover also headed higher - another encouraging sign.
Greece raised 2 billion euros ($2.43 billion) by reopening a 30-year bond through a private placement with two Greek banks, according to the official government gazette, the first borrowing action for 2021.
National Bank of Greece and Piraeus Bank participated in the transaction. The Greek debt agency issued a 30-year bond last year through a private placement.
The benchmark of the Greek stock market reverted to its northbound course on Wednesday, but once again it ducked back below the 800-point mark before the close, after testing the waters during the session. It will probably take one more final push for the index to reach that level, and with tomorrow seeing the last triple-witching session of the year, anything is possible.
Greece and the Arab states traditionally enjoy very close economic relations, with Greece offering significant investment opportunities in crucial sectors of the economy, while several Greek companies are planning their expansion in the Arab world and mostly in the United Arab Emirates, George Kormas, senior managing director, head of the Real Estate Group at the Piraeus Bank Group and CEO of P
The management of Piraeus Bank has announced a program to boost its capital base by 1 billion euros to create the cash reserves that will allow it to proceed with a more aggressive reduction of its bad-loan portfolio.
While informing analysts of the bank's third-quarter financial results, Chief Executive Christos Megalou said that the cash boost plan has four main points.