The turmoil at the National Bank of Greece (NBG) caused by the dispute between the NBG top management and the Hellenic Financial Stability Fund (HFSF) over the new chairman at the bank seems to have temporarily ended on Wednesday.
While it is widely acknowledged that the key challenge for Greek banks going forward is tackling the huge stock of non-performing exposures (NPEs), a new complication emerged over the past few days regarding the appointment of a new chairman at National Bank (NBG).
Two of the four core Greek banks, Alpha and NBG, announced the completion of the sale of their hotel subsidiaries at the end of last week. Both transactions are part of the banks’ restructuring plans, which include, among others, disposal of non-core assets.
The interim financial statements of the Hellenic Financial Stability Fund (HFSF) published on Friday afternoon showed net losses of 577.83 million euros in the first quarter (Q1) of 2016 from 4.97 billion a year ago.
Attica Bank finds itself in the frontline of Greek political and banking developments after the Bank of Greece (BoG) rejected the nominations for the top positions, including the chairman and CEO, at the lender.
In addition to an update on the evolution of non-performing exposures (NPEs), the Bank of Greece (BoG) review report on the Greek banking system published in late July also revealed a number of characteristics regarding the quality of NPEs.
The Hellenic Financial Stability Fund (HFSF) published on Friday an updated analysis of the non-regulatory constraints and developments for the development of a non-performing loan (NPL) market in Greece.
National Bank of Greece (NBG) recorded net losses of 3.06 billion in the second quarter (Q2) of 2016, fully attributed to a one-off loss of 3.1 billion involving the recycling of losses related to Finansbank that were previously recognised in other comprehensive income as well as in equity and capital.
Eurobank remained profitable for the second straight quarter, albeit with lower net profits of 46.2 million in the second quarter (Q2) of 2016 from 60.2 million in the previous quarter.
Alpha reported net losses of 16.8 million euros in the second quarter (Q2) of 2016 from 2.2 million in the previous quarter.