Alpha Bank reported net profits of 4.7 million euros for the third quarter (Q3) of 2019, falling sharply from net profits of 59.4 million euros in Q2.
In the Article IV consultation report that was published on Friday, the International Monetary Fund (IMF) took a detailed look into Greece’s banking sector, as the Fund has repeatedly stated that restoring Greek banks back to health is a prerequisite for the country to attract investment and achieve higher growth rates, while it remains an area of fiscal and wider financial stability risks.
Eurobank is planning to use 2.5 billion euros of state guarantees from the Hercules plan to securitise its Cairo portfolio.
Another chapter in the unexpectedly turbulent relationship between the new Greek administration and the country’s banks was written on Thursday when the Competition Commission raided the headquarters of the four systemic banks, Attica bank and the Hellenic Banking Association.
The deal between Piraeus Bank and Intrum which concluded in October will create the largest independent loan servicer in Greece, executives from both firms said in comments to the press late last week.
Greece’s banks entered the final quarter of the year with several key developments on the front of reducing their bad loan pile.
The European Commission (EC) announced on Thursday that it approved the Greek plan, codenamed “Hercules,” for helping Greek banks remove up to 30 billion euros in non-performing loans from their books.
The Finance Ministry has redoubled its efforts to get over the line the Asset Protection Scheme (APS), codenamed Hercules, that is meant to help Greek systemic lenders reduce the stock of NPEs on their books by up to 30 billion euros through state guarantees on securitisations.
Finance Minister Christos Staikouras was due to meet the CEOs of Greece’s four systemic banks on Thursday as the government appears to be stepping up its efforts to secure approval for the Asset Protection Scheme (APS) aimed at reducing the giant pile of NPLs on their balance sheets.
The Bank of Greece (BoG) released a new quarterly bulletin last week detailing statistics regarding the operations of Credit Servicing Firms (CSFs).