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    FFH   CA3039011026

FAIRFAX FINANCIAL HOLDINGS LIMITED

(FFH)
  Report
Delayed Toronto Stock Exchange  -  01:14 2022-10-04 pm EDT
653.42 CAD   +3.62%
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Greece's NBG says path to Fairfax deal hits roadblock

03/15/2013 | 03:42pm EDT
Commuters walk in front of the old headquarters of National Bank in Athens

ATHENS (Reuters) - Greece's National Bank (NBG) (>> National Bank of Greece) said on Friday Fairfax Financial Holdings Ltd's (>> Fairfax Financial Holdings Ltd) interest in taking part in the bank's recapitalization had ebbed because the Canadian investment fund wanted changes to the terms that were beyond NBG's control.

ATHENS (Reuters) - Greece's National Bank (NBG) (>> National Bank of Greece) said on Friday Fairfax Financial Holdings Ltd's (>> Fairfax Financial Holdings Ltd) interest in taking part in the bank's recapitalization had ebbed because the Canadian investment fund wanted changes to the terms that were beyond NBG's control.

NBG, the country's biggest lender, said in a bourse filing that Fairfax had expressed an interest in up to 1.5 billion euros, which amounts to 10 percent of a capital raising to increase the bank's solvency to levels required by the central bank.

"The expression of interest remained at an initial phase because Fairfax asked for changes in the framework of the recapitalization that are beyond National Bank's control," NBG said in the filing.

NBG officials would not provide further details.

The bank had said on Wednesday that Fairfax, controlled by investment guru Prem Watsa, was interested in acquiring a stake in it by taking part in an upcoming share offering.

Paul Rivett, Fairfax's vice president for operations, said the company did not comment on specific investments, but he said Fairfax has an interest in recapitalizations in Europe. Fairfax took a 9 percent stake in Bank of Ireland in 2011.

"We've done this kind of thing in Ireland and it's worked out very well for both the Bank of Ireland and the economy in Ireland," he told Reuters, referring to a 9 percent stake in the Bank of Ireland Fairfax purchased in 2011.

"I think that's a good model for other places in Europe so we're continuing to look for opportunities to do the same thing."

Greece's top four lenders will issue new shares by the end of April to replenish their capital after the losses they suffered in the debt crisis from government bond writedowns and impaired loans.

The four banks - NBG, Eurobank (>> Eurobank Ergasias SA), Alpha (>> Alpha Bank S.A.) and Piraeus (>> Piraeus Bank SA) - together need 27.5 billion euros in fresh capital to bring their Core Tier 1 capital adequacy ratios to 9 percent.

Under the recapitalization framework agreed with the country's international lenders, the banks will issue new common shares and contingent convertible bonds or CoCos to raise the needed capital, most of which will be provided by a state support fund.

NBG took over competitor Eurobank (>> Eurobank Ergasias SA) in February. Greece's central bank has estimated the two lenders' combined capital need at almost 16 billion euros.

(Reporting by Lefteris Papadimas and George Georgiopoulos, additional reporting by Cameron French, Editing by Jane Merriman and Peter Galloway)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
ALPHA BANK A.E. 4.22% 0.865 Delayed Quote.-22.93%
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 3.32% 0.8844 Delayed Quote.-3.97%
FAIRFAX FINANCIAL HOLDINGS LIMITED 3.62% 653.42 Delayed Quote.1.39%
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Financials (USD)
Sales 2022 26 600 M - -
Net income 2022 1 355 M - -
Net Debt 2022 - - -
P/E ratio 2022 9,20x
Yield 2022 2,17%
Capitalization 10 848 M 10 848 M -
Capi. / Sales 2022 0,41x
Capi. / Sales 2023 0,36x
Nbr of Employees 15 891
Free-Float 62,1%
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Number of Analysts 7
Last Close Price 462,36 $
Average target price 688,10 $
Spread / Average Target 48,8%
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Managers and Directors
Vivian Prem Watsa Chairman & Chief Executive Officer
Peter S. Clarke President & Chief Operating Officer
Jennifer Allen Chief Financial Officer & Vice President
Vinodh Loganadhan Vice President-Administrative Services
Brandon W. Sweitzer Independent Director