The bigger the size of a bank, the bigger it plays, the size of banks counts...
The Greece need strong banks and strong Enterprise, there's no room for any doubt in it.
In particular, banks are a pillar of stability in an economy, and most of all Greek banks.
The Greek banks now have assets I mean... Assets EUR 373 billion (Piraeus 94 billion) National 84 billion Eurobank 113 billion Alpha bank 82 billion)
Also have equity instruments (tangible book) 33.26 billion (Alpha bank 7.77 billion) National 8.48 billion Piraeus 7.75 billion Eurobank 9.26 billion)
Greek banks have an aggregate stock value of EUR 54 billion
From bankruptcy to recovery
The Greek banks Stone years passed, went bankrupt, found twice with negative own funds due to haircut public debt and because of red loans.
However, in the last period they are undergoing a period of dynamic growth, mainly because of the stability that has existed and of course because of the ECB's interest rate policy.
So today Greece's banks earn 4.6 billion. EUR on an annual basis, pay a few taxes due to the netting with the deferred tax requirement and generally have closed the long period of crisis and introversion.
Buy and not buy Greek banks
The bigger the size of a bank, the bigger it plays, the size of banks counts.
General Greek banks It is important to ensure that the European Parliament is fully involved in this process. Greece It has the lowest banks in Europe with an extreme degree of concentration, the 4 large systemic banks – Eurobank, Alpha bank, Piraeus and National – hold 91% of the market share in loans and deposits, Greece has the highest degree of concentration of all eurozone countries.
The aim of Greek banks must be to buy banks in external, have the funds and can easily raise funds through capital increases.
Investors always have a very positive view of capital increases made with a view to acquisitions.
What can happen to Greek banks
The National It cannot and will not be bought.
The State It has a minority percentage that will maintain for years and a priority of the National is acquisition abroad.
The Bank case Cyprus examined would be a good deal for the National but Cyprus is the only national bank in Cyprus which has not been sold so impact the deal on political reasons.
Nationals want to buy but at reasonable prices when the National Estimated P/BV i.e. stock exchangeworth 15.2 billion to 8.48 billion chapters = 1.8... he can't buy another bank more expensive than this limit.
Alpha bank has been bought out by Unicredit which remains marginally below the minority rate 33%.
Eurobank (Fairfax) and Piraeus (Paulson) potential targets
The Eurobank has a key shareholder Fairfax 32.86% and Piraeus Paulson with about 14%.
In practice, the two banks could only become acquisition targets if their main shareholders decided to leave something that does not appear on the horizon...
However, the Fairfax He's making billions. On the other hand, it receives 230m euros per year from Eurobank...
The Fairfax He is a strategic investor without a visible exit plan for the visible future... he entered Greece to get the profit of the recovery of banks and the economy, he certainly earned it, and he is reaping the benefits.
However, it is only when it decides to sell Fairfax that Eurobank can become a target for acquisition and not apparently an aggressive takeover.
At some point, exit scenarios were examined, but... they froze.
Piraeus has as shareholder Paulson who has been through a major crisis but now the financial situation of the Family Office of the Family Office handling his finances goes much better... but in the future he could sell 14%... after the Greek elections perhaps towards the end of the Trump term in 2028.
In conclusion, the Greek banks They should consider their more aggressive development abroad, adopt extroversion and not simply join a European banking group.
However, if only Piraeus and the Eurobank are targets and only if they decide οι βασικοί τους μέτοχοι.
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