The Bank of Cyprus is now entering the final stretch for Athens Street, after receiving the approval at the Extraordinary General Meeting of Shareholders.
The (re)introduction to the AXA will take place on September 23, with the price being based on the closing of the share on the previous day on the Cyprus Stock Exchange. I remind you that today the share is around 4.80 euros.
The message to Greece
All is well with Cyprus, that is. The ASE will have one more representative of the banking industry on its board.
But what struck me is what my industry source told me.
The experience of Cyprus in London should give a message to the Greeks.
What did he mean?
What the experienced banker and Chairman of the Board of the Bank of Cyprus, Takis Arapoglou, actually said.
The delisting from the London Stock Exchange and the re-introduction of the shares to the Athens Stock Exchange will give the possibility to strengthen the liquidity of the Bank’s shares.
It will also enhance its awareness among investors.
What did Mr. Arapoglou say? Better in Athens than in the “ocean” of London.
Many thought so
Of course, Mr. Arapoglou did not say anything that is not known in Athens.
But as my source commented to me, are the Greeks betting on an upgrade of the Greek stock market in the developed markets to see it again?
After all, JP Morgan says it again and again. “You have a good stock market, with an emphasis on emerging.” In the developed ones you will get lost… “bad idea” said analyst David Aserkoff again.
Not a leaf moves…
Of course, if someone talks recently in the market that everything is positive, at least the Greeks in retail will not agree.
And despite the new barrage of positive reports on Greece and Greek banks that we’ve had in recent days, the stock market… hasn’t moved much.
It probably got tired this week as well, gnawing even more at any remaining buying interest. That’s where we see the 1,400 units again, despite yesterday’s reaction.
Clarity is requested from the National
And as Jefferies said, it all has to do with the uncertainty surrounding the impending placement of the Financial Stability Fund rate at the National Bank.
Because when the market does not know the price and the final percentage that will be given, then it binds liquidity.
Until further notice… so the “torture” of the drop for longs will continue.
After all, it is not only the placement, but also the large public offerings and capital increases that will be completed in the Autumn.
The bill will reach 2.2 billion euros.
Loans to businesses only
However, beyond the positive comments from the analysts, I was impressed by what Goldman Sachs said.
That for Greek banks, the main driver of credit expansion will be corporate lending.
For households… no reason.
And from 2027, the “greening” of non-performing exposures will also “play”.
What is Eurobank preparing?
At Goldman Sachs’ 12th annual banking symposium held in London on September 9 and 10, Eurobank also outlined its next steps.
It is already in review of two inorganic growth opportunities.
One is in a Merchant Acquiring & Financing company via POS in Western Europe (with a partner) and the second is a Wealth Management business in the Eastern Mediterranean.
Isn’t Greece also in the Eastern Mediterranean? Eurobank is probably preparing something based on Cyprus and looking towards the East.
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Malls did not “die”.
There can be a lot of criticism of mall returns, but a closer look at Lamda Development’s numbers, which had a 72% increase in operating profit in the first half of 2024, shows a different picture.
In the malls of the group, namely The Mall Athens, Golden Hall, Designers Outlet and Mediterranean Cosmos there is an increase in traffic, record sales of the stores, an increase in parking revenue and an increase in rental income.
This is how the increase in commercial leases in the under-development commercial and entertainment projects in Elliniko is justified…
Watch out…it’s getting demolished
The way is now open for the demolition of the last two floors of the Cocomat hotel in the Makrygianni area, below the Acropolis.
The SC rejected Blue Cedars’ argument that it built under a valid building permit (which was subsequently revoked) as the permit had not been legally issued.
However, nothing changes for Blue Cedar.
The prediction has been made in her “books” and now she will “run” her other projects.
Among them, the tourist unit in Monemvasia stands out, as well as residential complexes in Ampelokipi, Athens.
Retsos in IOBE
In the coming days we will have announcements about IOBE as well.
As we are informed, the new council was closed, with the position of the new president being taken over by Yiannis Retsos.
The former president of SETE, that is, and managing director of the tourist company Electra Hotels & Resorts.
The former president of SEB, Dimitris Papalexopoulos, will also participate in the upgraded Board of Directors.
In other words, we will see a new group, younger in age, which will further strengthen the institutional role of IOBE.
Along with the dry ones… the green ones will also burn…
The government’s new amendment is positive, with the possibility of retroactive correction of errors in decisions of the tax office that have been issued in the last ten years.
In simpler words, the Tax Office will proceed with the cancellation of taxes and fines imposed due to obvious mistakes, retroactively from January 1, 2014.
As I understand, the amendment came after two glaring cases, indicative of the mistakes.
The first involved an error in the declaration with the taxpayer adding two… zeros to his income and the second in an E2 where the taxpayer got the boundaries of her plot wrong and was found to own a large part of a municipality in Attica.
This I know… and I do not swear if with the obvious mistakes, a window of opportunity does not open in other cases.
A little more suspicious…
The “mill” of the Oscars
The fact that it would become such a “mill” with the Greek representation at the Film Oscars, really… no one expected it. Of course, here in our country we are divided even about Eurovision, would the Oscars stop us?
However, such anger was caused by the history of the film’s selection committees, the resignations of the members and the disciplinary actions, which probably “justified” the attack with paints on the political office of the Deputy Minister of Culture, Jason Fotila in Patras.
Incredible things are born by the methods of some…
The full fine
And one last thing, we learn that the fine from DIMEA to Golgate Palmolive of 672 thousand euros for unfair profiteering was finally paid in full.
The debt identification came after July 31, 2024 when the company’s financial statements were signed.
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