A two-day round of meetings today (7/9) and tomorrow between foreign investors and the managements of National Bank, Alpha Bank, Eurobank and Piraeus as well as Bank of Cyprus is being held by Goldman Sachs, with its analyst Benjamin Caven-Roberts heading the delegation.
The firm has brought eight investors to Athens. Today the meetings were held with the managements of the four systemic banks and tomorrow there will be contact with Bank of Cyprus.
At the center of the meetings are developments at the macroeconomic level, the prospects of each banking group and the next steps aimed at further strengthening banks’ profitability with a focus on revenues from diversified sources.
The timing is of particular interest as the economic program announced by the government with a horizon for the next 4 years cannot be absent from the discussion agenda, as well as how the target of increasing investments will be achieved so that the Greek economy can cover the investment gap compared with the average of the European Union.
By virtue of their position, banks are at the center of investment activity through the financing of both domestic and foreign investments.
The upgrade of Euronext Athens
The American investment bank in its recent reports “sees” significant upside potential for banking sector stocks, and its outlook is gaining serious interest ahead of the upcoming—within September—upgrade of the Greek stock exchange to emerging markets. A development that will give depth to the Greek stock market by putting the shares of listed companies on the radar of a different caliber of foreign investors.
Millennium Management
Among the names of foreign investors of international stature who are in Athens, that of Millennium Management, stands out, while the list is complemented by a satisfactory number of long investors (Armar Capital and others).
Millennium Management manages more than $90 billion, with a presence in more than 140 countries and a strong presence in Europe, Asia and the Middle East.