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Recent News Baltic index snaps 7-session losing streak as larger vessel rates rise HELLENIC SHIPPING NEWS WORLDWIDE HELLENIC SHIPPING NEWS WORLDWIDE, ONLINE DAILY NEWSPAPER ON HELLENIC AND INTERNATIONAL SHIPPING * Home * Shipping News * top stories * Hellenic Shipping News * International Shipping News * Dry Bulk Market * Piracy and Security News * Shipping: Emission Possible * Marine Insurance P&I Club News * Port News * Shipbuilding News * Shipping Law News * Interviews * Events and Training Courses * Sea Tourism and Yachting * Recent Videos * Mobile Applications and Social Media * Commodities * Commodity News * Chinese iron ore and steelmaking prices * Freight News * Guide for Carriage of Hazardous Materials * Ship Risk Profile Calculator * Report / Analysis * Weekly Dry Time Charter Estimates * Weekly Tanker Time Charter Estimates * Weekly Container Reports Index * Weekly Vessel Valuations Report * Daily Tanker Market Rates * Daily Bunker Report * Cheapest Bunker Port Matrix * Weekly Shipbrokers Reports * Monthly Shipbrokers Reports * Monthly Ship Auctions * Weekly Demolition Reports * Weekly Ship Sales * Weekly Shipbuilding Reports * Marine Engine Specifications * Shipping Glossary * Oil & Energy * Oil & Companies News * General Energy News * Bunker Prices Worldwide * World Economy * World Economy News * IMF/OECD News * Stock Market News * Stock News * Stock Market Snapshot * Daily Currencies Ratings * Hellenic Shipping Companies * Live Hellenic Shipping Stocks * Live International Shipping Stocks * Live Commodity Trade Markets Go to... Home Shipping News – top stories – Hellenic Shipping News – International Shipping News – Dry Bulk Market – Piracy and Security News – Shipping: Emission Possible – Marine Insurance P&I Club News – Port News – Shipbuilding News – Shipping Law News – Interviews – Events and Training Courses – Sea Tourism and Yachting – Recent Videos – Mobile Applications and Social Media Commodities – Commodity News – Chinese iron ore and steelmaking prices – Freight News – Guide for Carriage of Hazardous Materials – Ship Risk Profile Calculator Report / Analysis – Weekly Dry Time Charter Estimates – Weekly Tanker Time Charter Estimates – Weekly Container Reports Index – Weekly Vessel Valuations Report – Daily Tanker Market Rates – Daily Bunker Report – Cheapest Bunker Port Matrix – Weekly Shipbrokers Reports – Monthly Shipbrokers Reports – Monthly Ship Auctions – Weekly Demolition Reports – Weekly Ship Sales – Weekly Shipbuilding Reports – Marine Engine Specifications – Shipping Glossary Oil & Energy – Oil & Companies News – General Energy News – Bunker Prices Worldwide World Economy – World Economy News – IMF/OECD News Stock Market News – Stock News – Stock Market Snapshot – Daily Currencies Ratings – Hellenic Shipping Companies – Live Hellenic Shipping Stocks – Live International Shipping Stocks – Live Commodity Trade Markets Home / World Economy / World Economy News / Greece to sell entire stake in Piraeus Bank in early March, sources say GREECE TO SELL ENTIRE STAKE IN PIRAEUS BANK IN EARLY MARCH, SOURCES SAY in World Economy News 23/02/2024 Greece’s bank bailout fund is likely to sell its entire 27% stake in Piraeus Bank BOPr.AT in early March, two sources close to the process said on Thursday, the fourth such sale in the country’s banking sector since October. The state controlled Hellenic Financial Stability Fund (HFSF) was set up to recapitalise Greek banks during the country’s decade-long crisis from 2008-2018. “We are heading for a 27% stake sale…early March,” one of the sources told Reuters on Thursday, referring to Piraeus. The sale of the HFSF stake in Piraeus Bank will be the latest in a series of similar divestments across Greece’s four biggest lenders, reflecting the progress the banking sector has made since the financial crisis ended. Piraeus has a market value of 4.9 billion euros ($5.3 billion), which means HFSF could sell its stake for more than 1 billion euros ($1.08 billion). “The initial thought was a sale of up to 22% but after the strong interest from foreign investors the most likely scenario is 27%,” a second source said, adding that the majority would be offered to institutional investors and a smaller part to retail investors. The bank said last week that it expects profits to jump in the coming years, with its shares up 20% since the beginning of January. Shares in Greece’s broader banking sector as measured by the FTSE/Athex Banks index .FTATBNK have gained about 16% since the start of the year after a 67% jump in 2023, benefiting from strong economic growth and the country’s recent upgrade to an investment grade credit rating. Greek lenders cut their bad loan ratios to below 7% in 2023 from 45% in 2016 and hope to distribute a dividend for the first time after 13 years. Having injected about 50 billion euros into the sector, HFSF began reducing its holdings last autumn. It sold a 20% stake in National Bank (NBG) NBGr.AT and 9.4% of Alpha Bank ACBr.AT in November and a smaller stake in Eurobank EURBr.AT in October. Source: Reuters (Reporting by Renee Maltezou and Lefteris Papadimas, Editing by David Goodman, Kirsten Donovan) 2024-02-23 hellenicshippingnews... 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