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Φανή Πεταλίδου
Ιδρύτρια της Πρωινής
΄Έτος Ίδρυσης 1977
ΑρχικήEnglishWhat German, Greek Banks Have In Common

What German, Greek Banks Have In Common

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By Dimitra DeFotis, Barron’s

Four banks have raised more equity capital in the last five years than their current market value, Citi Research notes.

Germany’s Commerzbank (CRZBY) and three Greek banks have raised between 100% and 200% of their market value since 2010. And Deutsche Bank and a fourth Greek bank have raised between 50% and 100%, Citi notes, adding that a couple banks in Russia and Turkey are also “value destroyers” while banks in Asia, the Persian Gulf and in Nordic countries created value, including Kotak Mahindra Bank in India, First Gulf Bank and Qatar National Bank. Of note: Citi upgraded India’sHousing Development Finance Corporation (“HDFC”) Thursday from Neutral to Buy.

Citi analysts write:

“Banks in Russia, Turkey, Brazil and Greece were laggards on pure market cap return terms, while those in the GCC and Asia saw market cap swell over past five years. Banks in Greece and Germany appear similar on investor value destroyed by new capital raises. Based on starting market value 5 years ago, Commerzbank and Piraeus Bank (BPIRY) tops the charts having raised about 200% of starting market cap in new equity (Commerz: $17.4 billion in total, Piraeus $4.9 billion), while Alpha Bank (ALBKY), National Bank of Greece (NBG) and Deutsche Bank (DB) raised about 70% of market cap in new equity. Interestingly, 11 of the top 20 banks on global equity capital raised (percentage of starting market cap) were from Western Europe.”

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Greek bank stocks have posted double-digit rallies this week, with Piraeus Bank up nearly 30% despite today’s 1.6% decline. All others are up today, and are up roughly 20% apiece this week. HDFC bank is up fractionally today and this week in U.S. trading.

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