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Emporiki Bank exits the Athens Stock Exchange

23 September 2011 / 17:09:42  GRReporter
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Hellenic Emporiki Bank withdrew its shares from the Athens Stock Exchange. At an extraordinary general meeting today the shareholders of the financial institution decided to make a formal request to the Securities Commission to exit the stock exchange. 94.99 percent of Emporiki’s shares belong to the French Credit Agricole SA and 5 percent to Sacam International SAS company. The first time Emporiki bank was listed on the Athens Stock Exchange was on April 8, 1909. Analysts estimate the action to be extremely symptomatic and he news is among the leading ones in all the Greek media. 

Today continued the vertical drop on the Athens Stock Exchange, whose index fell more than 4 percent and shaped at 792.36 points. Panic of investor analysts explain with more wide spreading fears of the imminent bankruptcy of Greece. "Investors believe that the decisions of July 21 have died and instead a bankruptcy is in preparation. Whether it will be coordinated or not for owners of bank shares is irrelevant, "said financial expert for Reuters. 

Indeed, today, shares of Greek banks fell another 8 per cent and formed as follows: National Bank of Greece - 2.77 euros, fall of 7.05 percent, Eurobank EFG - 0,94 euros, fall of 12.15 percent, Alpha Bank - 1,33 euros, fall of 11.33 per cent, Piraeus Bank - 0.49 euros, fall of 10.91 percent. 

In its analysis yesterday HSBC Global Research said that Greek shares could be converted into bullish (those who have a positive outlook to increase their value before recovery of the real economy). In the same analysis bank experts noted that the Athens Stock Exchange has completed a period of bear market (stock market that is rapidly losing its value - for example, 20 per cent within a month or two) which began in the 1990s and today the index has lost about 90 percent of its value. According to HSBC Global Research in the coming months, the index of the Athens Stock Exchange is likely to start growing once again.

Tags: Greece economy Emporiki Bank Athens stock exchange shares bank
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