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MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  National Bank of Greece       GRS003003027

NATIONAL BANK OF GREECE
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All Greek banks seen passing ECB's stress test, NBG says

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04/16/2018 | 11:23am CEST
FILE PHOTO: CEO of National Bank of Greece Fragiadakis poses for a picture in his office before an interview with Reuters at the bank's headquarters in Athens

ATHENS (Reuters) - Greek banks will pass the European Central Bank's (ECB) stress test of their financial health, the chief executive of the country's second-biggest lender, National Bank (NBG) , said on Monday.

The ECB will publish the results of a stress test of Greece's four largest lenders - Piraeus, NBG, Eurobank and Alpha - in May to allow time for any capital shortfall to be filled before Greece leaves its bailout programme in August.

"All Greek banks will pass the stress tests. The results will be encouraging," Leonidas Fragiadakis told reporters on the sidelines of a signing ceremony with the European Investment Fund on loan facilities for small businesses.

The Greek stress test, aimed at uncovering any capital shortage before Athens exits its 86 billion-euro (£74.4 billion) bailout, will be carried out separately from a regular stress test of other euro zone banks.

Test results for 33 lenders from other euro zone countries will be published on Nov. 2.

Greek banks have been recapitalised three times since a debt crisis exploded in 2010, but are still burdened by 96 billion euros of soured debt. They have committed to targets to reduce that to 65 billion euros by 2019.

"The Greek banking system will emerge more than OK," Fragiadakis said.

The CEO also said NBG was looking to approach two Chinese investors over the sale of a majority stake in its insurance unit National Insurance, after a plan to sell it to Netherlands-based EXIN fell through.

"We are discussing the details of the procedure to approach the two Chinese investors so that the sale takes place as soon as possible and with a positive impact on National Bank," Fragiadakis said.

Last month, NBG terminated a deal to sell a 75 percent stake in its insurance subsidiary to EXIN Financial Services Holding.

EXIN Partners and U.S. Calamos Investments had agreed to buy the stake for 718 million euros, but the deal turned sour after a legal row erupted between the two buyers.

(Reporting by George Georgiopoulos; Editing by Mark Potter)

By George Georgiopoulos

Stocks mentioned in the article
ChangeLast1st jan.
ALPHA BANK SA -3.85% 1.198 Delayed Quote.-30.27%
EUROBANK ERGASIAS SA -3.04% 0.638 Delayed Quote.-22.59%
PIRAEUS BANK SA -6.70% 1.95 Delayed Quote.-31.92%
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Financials (€)
Sales 2018 1 506 M
EBIT 2018 482 M
Net income 2018 91,5 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 14,60
P/E ratio 2019 9,73
Capi. / Sales 2018 1,05x
Capi. / Sales 2019 1,02x
Capitalization 1 576 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 3,23 €
Spread / Average Target 87%
EPS Revisions
Managers
NameTitle
Paul K. Mylonas Chief Executive Officer & Executive Director
Costas Michaelides Chairman
Nikolaos Christodoulou Group Chief Operating Officer & General Manager
Ioannis Polyzois Kyriakopoulos Group Chief Financial Officer & General Manager
Demitrios G. Dimopoulos Executive Director & Deputy CEO
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