Banking

Eurobank agreed to acquire 12.848% Hellenic Bank’s shares for approximately 243 million euros, or 4.58 euros per share.

Greek banks, it notes, are focused on mitigating the impact through strategic efforts like loan growth, increased fee income, and lower-than-anticipated deposit betas for 2026.

The Greek government, as noted by the Financial Times, provided 50 billion euros to the country’s four largest banks during its prolonged debt crisis.

Through the issuance of new bonds recently, the banks have significantly improved their capital positions while at the same time reducing the average cost of servicing their obligations.

Reduction of the instant payment fee via internet and mobile banking for amounts up to 500 euros from 2.50 to 1.50 euros.

Linking to the service via mobile phone or PC, a process that lasts a few minutes and requires minimal clicks, professionals receive instant payments from their customers and clients.

Greece’s independent tax bureau, AADE, announced the two-day deadline extension this week, given that the previous deadline of Aug. 31 fell on a Saturday

Looking ahead, Eurobank aims to fully integrate Hellenic Bank’s accounting operations, with this process slated to begin in the third quarter of 2024.

Data from the Bank of Greece for June 2024 revealed that the average weighted interest rate for new deposits held steady at 0.57%, while the rate for new loans climbed to 5.78%

Three of the four bankers have already announced dividends for 2023's results, the first such distribution of profits after three successive bailouts

Eurobank CEO Fokion Karavias also revealed that a public offer to acquire 100% of Hellenic Bank on Cyprus is underway

Sources within the bank anticipate that this investment will propel Eurobank's stake up to 65% by the summer, paving the way for its proposed absorption of the Cypriot bank.

Axia, one of the foreign analysts, considers the dividend approval as a crucial step towards the normalization of Greek banks post the 2010-2015 crisis.

In terms of financial obligations, those expiring on March 29 must be settled by March 28. Deposits made after March 28 will reflect in records starting from April 2. These alterations extend to payroll as well.

Last November, a 22% stake in the National Bank was sold, generating over 8 times oversubscription across international and Greek markets.

This is the fourth consecutive time Europe’s central bank has kept the interest rates unchanged after 10 increases in a row between July 2022 and September 2023

Kostis Hatzidakis emphasized the government's dual role in the new era for the banking system: ensuring conditions for a resilient banking system and fostering competition among banks, akin to practices in advanced European nations.

Lord Jacob Rothschild was a member of the prominent British banking dynasty

Stournaras emphasized the modernization of the Bank of Greece's Central Vault, which now boasts cutting-edge sorting, inventory management, and security systems