National Bank of Greece S.A.

National Bank of Greece is a financial institution based in Greece. Co. maintains operations in the retail banking sector, with 509 branches and one premium banking branch, and 1,448 ATMs. Co. offers its customers a range of integrated financial services, including: corporate and investment banking; retail banking (including mortgage lending); leasing and factoring; stock brokerage and asset management; insurance; and real estate and consulting services. Co. is also involved in other businesses, including hotel and property management. Co. operates in Greece, U.K., South Eastern Europe which includes Bulgaria, Romania, Albania, Serbia, as well as, in Cyprus, Malta, Egypt and South Africa.
  • TickerETE
  • ISINGRS003003027
  • CountryGreece

Analysts

National Bank of Greece S.A.: Key Facts and Statistics - FYE December 2018

A summary company profile, detailing National Bank of Greece SA’s business operations and financial highlights.

Panagiotis Kladis CFA

GREEK BANKS | Deblurring

In our sector update note we focus on the NPE reduction which remains a key challenge for Greek banks and a key concern for the market. Specifically, we ran a sensitivity analysis to show that their loss absorbing capacity remains significant and adequate to absorb the necessary costs and we discuss some additional factors that make us optimistic, such as the potential new tools to underpin balance sheet repair, the accommodative regulators’ stance, the secondary NPE market which has gained traction during 2018, the new protection framework for primary residencies as well as the real estate pr...

National Bank of Greece S.A.: Update to credit analysis

Our credit view of National Bank of Greece S.A., reflecting its improved funding profile and liquidity, counterbalanced by its still-weak asset quality and profitability.

Alpha Bank, Eurobank Ergasias, National Bank of Greece and Piraeus Bank: Eurobank and NBG best placed to materially reduce their NPEs by 2021; Alpha Bank has the strongest tangible capital base

Solvency remains a key challenge for the large Greek banks. We examine recent trends in their asset quality, capital and profitability and assess the outlook over the next 12 to 18 months.

MarketLine Department

Eurobank Ergasias SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Eurobank Ergasias SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Eurobank Ergasias SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Eurobank Ergasias SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorg...

National Bank of Greece S.A.: Key Facts and Statistics - FYE December 2018

A summary company profile, detailing National Bank of Greece SA’s business operations and financial highlights.

National Bank of Greece S.A.: Update to credit analysis

Our credit view of National Bank of Greece S.A., reflecting its improved funding profile and liquidity, counterbalanced by its still-weak asset quality and profitability.

Alpha Bank, Eurobank Ergasias, National Bank of Greece and Piraeus Bank: Eurobank and NBG best placed to materially reduce their NPEs by 2021; Alpha Bank has the strongest tangible capital base

Solvency remains a key challenge for the large Greek banks. We examine recent trends in their asset quality, capital and profitability and assess the outlook over the next 12 to 18 months.

Alpha Bank, Eurobank, National Bank of Greece (NBG), Piraeus Bank: Funding and liquidity improve for all four large Greek bank peers; NBG is best placed

Funding and liquidity remain a key challenge for the large Greek banks, with their access to new funding sources greatly improved but still fragile.

National Bank of Greece S.A.: Update to credit analysis

Our credit view of National Bank of Greece, reflecting its improved funding profile and profitability, against its still-weak asset quality.

Panagiotis Kladis CFA

GREEK BANKS | Deblurring

In our sector update note we focus on the NPE reduction which remains a key challenge for Greek banks and a key concern for the market. Specifically, we ran a sensitivity analysis to show that their loss absorbing capacity remains significant and adequate to absorb the necessary costs and we discuss some additional factors that make us optimistic, such as the potential new tools to underpin balance sheet repair, the accommodative regulators’ stance, the secondary NPE market which has gained traction during 2018, the new protection framework for primary residencies as well as the real estate pr...

Panagiotis Kladis CFA

GREEK BANKS | Cost of balance sheet repair overly discounted

In our sector update note we focus once again on asset quality dynamics, which remain the key challenge for Greek banks. Specifically, we discuss the recent organic progress, which remains limited due to a number of reasons outlined in this note, and which could be reversed sooner or later. Moreover we argue that despite the slow organic progress there are reasons for optimism as the secondary NPE market appears to be gaining traction while the first pricing indications are also encouraging due to strong investors’ appetite. In addition, we show that Greek bank PPI, even if weaker than previ...

GREEK BANKS | 2018 stress test reveals no capital shortfalls

Based on the ECB’s announcement for the 2018 stress test, no capital shortfalls were identified for any of the Greek four systemic banks. As per the results, on a sector level (4 systemic banks) under the baseline scenario the four systemic banks’ average CET 1 (phased in) would stand at 16.9% at the end of 2020 vs. 16.9 % at YE 2017 (adjusted for IFRS 9), while under the adverse scenario their CET 1 would stand at 7.3%, lower by ca 9pps or EUR 15bn. We think the announcement should be a significant relief for the market as it should remove any concerns about the possibility of another recap...

Alex Boulougouris

WOOD Flash – Greek banks: stress test – no surprises but confirms our positive call

The results of the stress test were announced on Saturday morning, without any significant surprises and confirming our view that the exercise will be manageable for all the Greek banks, without the need to resort to highly dilutive capital actions. We liked the strong result from Alpha Bank (our top pick in the Greek banking space) while the outcomes for Eurobank and Piraeus were reassuring. On NBG, the result was somewhat disappointing (higher delta vs. peers) but we do highlight: 1) the penalty from the higher sovereign exposure; and 2) the limited benefit from larger NPE coverage. Overall,...

GREEK BANKS | Looking beyond the stress test

In our latest sector update note on Greek banks, we are focusing on the day after the stress test announcement (expected shortly) and more specifically on the challenges that Greek banks will continue to face mainly on asset quality front. We argue that organic progress needs to accelerate this year and this is likely as the backdrop becomes more supportive and NPE framework more efficient. We are of the view that banks need to accelerate NPL sales and the use of independent NPL managers while we identify weaknesses in the current NPL resolution ecosystem that need to be addressed. In terms ...

Research Team

WOOD Morning (7 May)

HEADLINES: * Greek banks: stress test - no surprises but confirms our positive call * Folli Follie: Quintessential Capital Management claiming fraudulent behaviour by the company NEGATIVE * NBG: resignation of CEO * JSW: Zofiowka mine hit by tremor, two miners killed, three still missing NEGATIVE * Polish media: CPS' commercial audience share at 24.92% in April, while WPL's reached 0.38% NEUTRAL * Transgaz: open season procedure for Black Sea gas * Banca Transilvania: acquires 5.4% in Victoriabank public offer * CA Immo: buys EUR 53m Bucharest office building from S...

Research Team

WOOD Morning (30 April)

HEADLINES: * CCC: weak 1Q18 results, miss vs. the consensus, but better than we expected NEGATIVE * NLMK: recommends large dividend for 1Q18, at 3.6% quarterly yield (15% annualised) POSITIVE * Public Power Corporation: 4Q17 boosted by PSO one-off, weak cash generation NEGATIVE * Electrica: real rate of return might be cut to 5% NEGATIVE * Electrica: new board, more state representatives * National Bank: VRS details POSITIVE * OMV: signs new offshore agreement in UAE with ADNOC POSITIVE * Gazprom: conference call takeaways POSITIVE * Erdemir: 1Q18 conference ca...

Research Team

WOOD Morning (27 April)

HEADLINES: * Greece: keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR) * Gazprom: 4Q17 results - weaker than expected NEGATIVE * Ford Otosan: 1Q18 review - a strong set of results POSITIVE * Tekfen: 1Q18 review - strong quarter, as expected NEUTRAL * Tofas: 1Q18 review - revenues and EBITDA in line, beat on net income NEUTRAL * Kruk: 1Q18 - 8-13% beat on net income; 30% yoy growth in revenues from Italy NEUTRAL * Warsaw Stock Exchange: 1Q18 - 6-7% beat on net income on lower op...

Research Team

WOOD Morning (16 April)

HEADLINES: * Greek banks: stick to your guns (Alpha and NBG stay BUY; Eurobank upgraded to BUY; Piraeus stays HOLD) * Russian equity market: putting last week's performance into a broader context * JSW: 1Q18 trading update - volume growth and strong pricing POSITIVE * Enea: Bogdanka posts poor 1Q18 on "geological and hydrological" issues NEGATIVE * Cyfrowy Polsat: 1Q18E preview - 4% yoy EBITDA drop expected (due on 10 May) NEUTRAL * Short News (ALR, OTP)

Research Team

WOOD Morning (27 March)

HEADLINES: * Turkish small & mid-caps: small is beautiful, again (Datagate, Dogus Otomotiv, Indeks, Kordsa, Logo, Mavi, Tumosan and Yatas) * Ciech: 4Q17 - 8% adjusted EBITDA beat on slightly stronger soda segment and organic segment beat POSITIVE * Athens Exchange Group: 4Q17 in line; DPS a positive surprise POSITIVE * Philip Morris CR: 2H17 results - DPS below expectations and service revenues lower than expected NEGATIVE * CCC: takeaways from the management meeting POSITIVE * CA Immo: publishes FY17 report; proposes EUR 0.80 DPS NEUTRAL * Hungary macro: notes from Buda...

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MarketLine Department

Eurobank Ergasias SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Eurobank Ergasias SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Eurobank Ergasias SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Eurobank Ergasias SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorg...

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