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Greek Banks Extend Gain as Greece Said to Seek NPE Plan Approval

18
Feb

Greek Banks Extend Gain as Greece Said to Seek NPE Plan Approval

Greek banks benchmark index hits fresh day highs as the government is said to have sent a plan for helping the country’s banks reduce their high stock of non-performing exposure to the European Commission for approval.

 

  • The gauge advances by 6.2%, heads for its best daily performance in more than two months; the plan, in which debt is unloaded into a special purpose vehicle which sells bonds to investors, is modeled on a similar one used in Italy
  • National Bank of Greece leads gains among four systemic banks, up by as much as 10.6%; it slightly pares gains to trade 10.3% higher at EU1.234, a level unseen since Jan. 10
  • Alpha Bank +5.8%, Eurobank +3.7%, Piraeus Bank +8.8%
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