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☆ 9 new around-the-world cruises have joined Royal Caribbean's Ultimate World Cruise at sea. See what they're like — from a sold-out 6-month luxury cruise to a cheaper $21,100 option.
▼ + stars: | 2024-01-21 | by ( Brittany Chang | ) www.businessinsider.com time to read: +8 min

Regent Seven Seas Seas Cruises — NCLH's $73,500 ultra-luxury 4 ½-month cruiseThe Seven Seas Mariner in Kotor, Montenegro. AzamaraAzamara's sold-out 2024 world cruise departed on January 5 from Fort Lauderdale, Florida. Silversea's fares started at $66,000 per person for the least expensive vista suite, cheaper than Regent Seven Seas' cruise of the same length. AdvertisementPrincess Cruises — Carnival Corp's almost four-month $21,100 vacationPrincess Cruises says its 2024 world cruise guests will have an overnight in Dubai and the opportunity to see 25 UNESCO World Heritage Sites. Holland America Line — the four-month roundtrip Florida cruiseThe Zuiderdam's world cruise itinerary includes overnights in places like Tokyo and Aqaba, Jordan.

Persons: —, TikTok, Royal, it's, Fares, Azamara, Taj, Azamara Azamara's, Leo Caldas, Cunard, Queen Mary 2, Queen Mary, Queen Victoria, Mary 2, Southhampton, Jennifer Gauthier, would've Organizations: Service, Royal, Business, Oceania Cruises, Norwegian Cruise Line Holdings, Regent Seven Seas, Seas, Regent Seven, Seven Seas Mariner, Cruises —, Getty, San, Cruises, UNESCO, Heritage, Princess, Carnival Corp, Seabourn, Fares, Corp's, Cunard, Holland America Line, Reuters, Holland, Holland America Locations: New York City, Sydney, Australia, Los Angeles, Norwegian, Hawaii, Islands, New Zealand, Asia, East, Europe, Canada, Yangon, Myanmar, Reykjavik, Iceland, Kotor, Montenegro, Miami, Central America, Islands , New Zealand, Bermuda, Oceania, Giza, Fort Lauderdale , Florida, Central, South America, Barcelona, Caribbean, AFP, San Francisco, Southeast, East Asia, Alaska, Dubai, Africa, Piraeus, Greece, Athens, China, Japan, Sri Lanka, Egypt, Jordan, Cairns, Honolulu, Queen, York City, Aruba, North America, Holland, Florida, Tokyo, Aqaba, Holland America

☆ Greece's National Bank attracts strong demand in 20% stake sale - source
▼ + stars: | 2023-11-15 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

"Demand covered 6.2 times the shares offered," the source involved in the process said on condition of anonymity. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. The value of the 20% stake is estimated at about 1 billion euros ($1.09 billion). HFSF currently holds a 40.4% stake in NBG and a 27% holding in Piraeus Bank, (BOPr.AT), Greece's third-largest lender. A source told Reuters on Monday that out of the 20% stake in NBG, 17% would be offered to funds and 3% to retail investors.

Persons: Alkis, HFSF, Greece's, JP Morgan, Goldman Sachs, Morgan Stanley, Lefteris Papadimas, Louise Heavens, Sharon Singleton Organizations: National Bank, REUTERS, Rights, Greece's National Bank, Reuters, P Global, Alpha Bank, Piraeus Bank, UBS, Thomson Locations: Athens, Greece, UniCredit, NBG

☆ Greece starts process to sell 20% stake in National Bank
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

People walk outside the National Bank of Greece headquarters in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi/File photo Acquire Licensing RightsATHENS, Nov 13 (Reuters) - Greece on Monday announced plans to sell a 20% stake in National Bank of Greece (NBG) after concluding the sale of a 9% stake in Alpha Bank to UniCredit as it looks to divest from the country's lenders. It currently holds a 40.4% stake in NBG and a 27% stake in Piraeus Bank (BOPr.AT), Greece's third largest lender. NBG's shares were down about 1% at 5.39 euros at 1012 GMT on Monday, with the 20% stake valued at about one billion euros ($1.07 billion). Earlier on Monday, HFSF said it sold its 9% stake in Alpha Bank (ACBr.AT) to UniCredit for 293.5 million euros after an improved bid from the Italian bank.

Persons: Louiza, HFSF, Lefteris Papadimas, Jason Neely Organizations: National Bank of, REUTERS, Rights, Monday, National Bank of Greece, Alpha Bank, Hellenic, Stability, Piraeus Bank, Reuters, Global, Thomson Locations: National Bank of Greece, Athens, Greece, UniCredit, NBG

☆ UniCredit’s Greek stake is less odd than it seems
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

But Italy’s UniCredit (CRDI.MI), which on Monday purchased 9% of Alpha Bank for about 300 million euros, should have better luck. This will include merging the lenders’ Romanian units and Alpha distributing UniCredit’s asset-management products in Greece. Probably the most reassuring news for investors in the Italian bank is that Orcel has no plans to raise its stake. UniCredit hasn’t requested regulatory permission to buy more and doesn’t envisage doing so, according to a person familiar with the matter. For shareholders, then, UniCredit’s mini-Greek adventure is unusual but easily tolerable.

Persons: Italy’s, Andrea Orcel, Crédit, Société, Orcel, UniCredit, UniCredit hasn’t, Liam Proud, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Alpha Bank, Alpha, Piraeus Financial, X, SEC, Thomson Locations: Greece

West Ham lost 2-1 away to the Greek side a fortnight ago but their win at the London Stadium put them level on nine points with second-placed Freiburg, who crushed bottom side Backa Topola 5-0. "If I was being honest, I don’t think we made enough chances or opportunities and I need to look to see why that was the case," West Ham manager David Moyes said. The West Ham fans then held their breath late on as the visitors nearly equalised when Mady Camara's close-range header struck the post when he should have scored. Marseille secured a second victory with their win in Athens thanks to goals from Chancel Mbemba and Ismaila Sarr. The Italians are unbeaten in Group D on 10 points, three ahead of Sporting who beat 10-man Rakow Czestochowa 2-1.

Persons: Ham United's Lucas Paqueta, Said Benrahma, Emerson Palmieri, Vladimir Coufal, Isabel Infantes, David Moyes, Paqueta, James Ward, Prowse, Mady Camara's, Mbemba, Sarr, Jarell Quansah, Alexis Mac Allister, Klopp, Atalanta, Berat Djimsiti, Pedro Goncalves, Bogdan Racovitan, Danilo Pereira, Todd Cantwell, Janina Nuno Rios, Tommy Lund, Ed Osmond, Ken Ferris Organizations: Soccer, Europa League, Ham United, Olympiacos, London, REUTERS, Olympiakos Piraeus, Olympique de Marseille, AEK Athens, West Ham, Backa, Olympiakos, Marseille, Ligue, Brighton & Hove Albion, Ajax Amsterdam, LIVERPOOL, Liverpool, French, Toulouse, Sturm Graz, Berat, Sporting, Rangers, Sparta Prague, Real Betis, Aris Limassol, Betis, Thomson Locations: London, Britain, Freiburg, Ham, Athens, European, Czestochowa

☆ 'Spoilt' Olympiakos must accept sanctions for crowd trouble, says Panathinaikos president
▼ + stars: | 2023-10-31 | by ( Karolos Grohmann | ) www.reuters.com time to read: +3 min

BERLIN, Oct 31 (Reuters) - Greece's record champions Olympiakos should accept the sanctions, including a docked point, for crowd trouble in their abandoned Athens derby against Panathinaikos for the good of the sport, Panathinaikos president Giannis Alafouzos said. The Super League's disciplinary body awarded the game to Panathinaikos 3-0 and docked hosts Olympiakos a point, a decision the Piraeus club has since appealed, claiming no one was injured. The player would also not feature in Saturday's league match against Lamia either. In 2019, a Panathinaikos home match against Olympiakos was abandoned after their fans attacked players on the visiting team's bench and clashed with police. Panathinaikos are top of the league, a point ahead of rivals Olympiakos after nine league matches.

Persons: Giannis Alafouzos, Juan, Juankar, Carlos, Alafouzos, Lamia, Karolos Grohmann, Pritha Sarkar Organizations: Olympiakos, Panathinaikos, Reuters, Thomson Locations: Athens, Piraeus

☆ Marseille down 10-man AEK, Olympiakos end West Ham's unbeaten European run
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

MARSEILLE, France, Oct 26 (Reuters) - Olympique de Marseille overcame AEK Athens 3-1 in the Europa League with two penalties after a red card for the visiting goalkeeper, while Olympiakos Piraeus beat West Ham United 2-1 on Thursday to end the Londoners' 17-match unbeaten run in Europe. WEST HAM LOSEOlympiakos beat Europa Conference League holders West Ham in Group A as the visitors suffered a rare European defeat. Kostas Fortounis delivered the opening goal for Olympiakos with a powerful right-foot strike from outside the box, finding the bottom corner after 33 minutes. West Ham got a consolation goal in the 87th minute courtesy of a powerful Lucas Paqueta volley from the edge of the box. Freiburg and West Ham are top of the group with six points, while Olympiakos have four.

Persons: Vitinha, Orbelin Pineda, Cican Stankovic, Jordan Veretout, Nordin Amrabat, Renan Lodi ., Kostas Fortounis, Angelo Ogbonna, Angelo Ogbonna . West Ham, Lucas, SC Freiburg's Vincenzo Grifo, Ayoze Perez, Luis Muriel, Sturm, Sporting, Fabian Piasecki, Sebastian Coates, Viktor Gyokeres, Tommy Lund, Ken Ferris Organizations: Olympique de Marseille, AEK Athens, Europa League, Olympiakos Piraeus, West Ham United, Marseille, AEK, Brighton & Hove Albion, Ajax Amsterdam, WEST HAM, Olympiakos, Europa Conference League, West Ham, SC Freiburg's, Serbian, Real Betis, Aris Limassol, Sparta Prague, Rangers, Sturm Graz, Rakow, Sporting, Thomson Locations: MARSEILLE, France, Europe, Renan Lodi . Marseille, Angelo Ogbonna . West, Backa Topola, Freiburg, West Ham, Czech, Austria, Rakow Czestochowa, Portuguese, Gdansk

☆ Liverpool thump Toulouse 5-1, Brighton earn first European win
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The rest of the match belonged to Liverpool as Wataru Endo headed them back in front just past the half-hour mark. That goal took the Egyptian's tally to 43 for Liverpool in major European competitions, a record for any player at an English club. Liverpool top the group by five points over Union Saint Gilloise and Toulouse, who both have four points. BRIGHTON ROCKBrighton achieved a European milestone by beating Ajax and reigniting their chances of reaching the knockout stages. They are now level on four points with second-placed AEK Athens in Group B, a point behind Olympique de Marseille.

Persons: Diogo Jota, Wataru Endo, Darwin Nunez, Nunez, Ryan Gravenberch, Mohamed Salah, LASK, Cameron Puertas, Christian Burgess, Joao Pedro, Diant Ramaj, Ansu Fati, Maurice Steijn, Kostas Fortounis, Rodinei's, Angelo Ogbonna, Angelo Ogbonna . West Ham, Lucas Paqueta's, Edoardo Bove, Romelu Lukaku, Jose Mourinho's, Alejandro Grimaldo, Stade Rennais, Arnaud Kalimuendo, Tommy Lund, Ken Ferris Organizations: Liverpool, Brighton, Ajax, Olympiakos, West, Marseille, Leverkusen, Rennes, LIVERPOOL, Toulouse, Europa League, Brighton & Hove Albion, Ajax Amsterdam, Union Saint Gilloise, Union, BRIGHTON ROCK Brighton, AEK Athens, Olympique de Marseille, AEK, Seagulls, Olympiakos Piraeus, Europa Conference League, West Ham United, Freiburg, Backa Topla, AS Roma, Slavia Prague, Slavia, Bayer Leverkusen thumped Qarabag, Stade, Panathinaikos, Villarreal, Maccabi Haifa, Thomson Locations: Roma, England, Anfield, Brighton, Liverpool, Toulouse, Europe, Angelo Ogbonna . West, Gdansk

ATHENS, Greece (AP) — Travelers to Greece's popular island destinations will face disruptions next week because of a 24-hour strike on Sept. 13 by ferry crews who cite safety and labor concerns. The union didn’t directly link the reasons for the strike with Tuesday's drowning, which sparked anger and condemnation across Greece. A PNO statement deplored what it called the improper implementation of laws and regulations on shipping and harbor safety. It said crew members are overworked and ferry sailing schedules are “unreasonable,” which PNO said raises severe safety concerns. An investigation is underway into harbor authorities' response to the incident, and two senior Piraeus port police officers have been suspended.

Persons: PNO Organizations: —, Blue Locations: ATHENS, Greece, Greece's, Piraeus

☆ Man Drowns After Trying to Board Departing Ferry in Greece's Piraeus Port
▼ + stars: | 2023-09-06 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

ATHENS (Reuters) - A 36-year-old man who tried to board a passenger ship as it sailed from Greece's Piraeus port on Tuesday drowned after being pushed back by crew members off the vessel's stern ramp, the country's shipping minister said on Wednesday. The incident has shocked the country. Video footage released on social media showed crew members arguing with the man on the stern ramp just as the ferry was leaving Piraeus for the island of Crete. Varvitsiotis said on social media platform X, formerly known as Twitter, that "there is no doubt that the crime was homicide". He added that four people have been detained over the incident, which is being investigated by a prosecutor.

Persons: Miltiadis Varvitsiotis, Varvitsiotis, Renee Maltezou, Alexandra Hudson Organizations: Crete . Shipping, Attica Group Locations: ATHENS, Greece's Piraeus, Piraeus, Crete

☆ Disgruntled Europeans hit out at banks for not passing on higher rates on savings
▼ + stars: | 2023-08-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Those words from Marco Oliveira, a 50-year-old graphic designer from Portugal, underscore a deep lying annoyance in Europe with people bemoaning a lack of return on their savings despite surging interest rates. This, in practice, should translate into higher rates both on mortgages, but also on deposits. The key metric used by analysts is the deposit delta — which represents the increase in policy rates that banks pass through to the interest rates on deposits. For instance, Croatia's deposit delta is 12%, Cyprus is 30% and Portugal stands at 32%. And indeed, Portuguese banks show one of the lowest deposit delta, being the fifth worst in Europe," Teixeira said.

Persons: Marco Oliveira, Carlos Stilianopoulos, Marta Ferro Teixeira, Teixeira, Nicolas Charnay, Filipe Garcia, Banks, Garcia Organizations: Bank SA, Bloomberg, Getty, CNBC, European Central Bank, ECB, ABN Amro, ABN AMRO, P Global, P, SA, Reuters Locations: Thessaloniki, Greece, Portugal, Europe, Cyprus, France, Italy, Portuguese, Barcelona, Spain, PNL, —

☆ Six Ways to Experience Athens Like a Local
▼ + stars: | 2023-08-07 | by ( Iliana Magra | ) www.nytimes.com time to read: +2 min

First, avoid the long entrance lines by booking your tickets online (20 euros, or about $22, for a single-entry adult ticket). Another booking option, the Athena’s Combined Ticket (adults, €30), provides access to six more sites in Athens, including the nearby Agora. Rhamnous, about an hour’s drive from downtown Athens, is a less crowded archaeological attraction — and it has ocean views (adults, €4). Eat like a GreekWith the sizzling summer temperatures, follow the local traditions when it comes to eating. For an upscale option by the sea and the best views of the Athens Riviera, go to Ithaki restaurant.

Organizations: SIA, Mavros Locations: Athens, Agora, Piraeus, Yperokeanio, Psyri, Mavros Gatos, Pangrati

☆ Piraeus bank Q2 profit up on higher net interest income
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

ATHENS, July 31 (Reuters) - Piraeus Bank (BOPr.AT), Greece's third-largest lender by market value, on Monday reported higher net earnings for the second quarter from the same period last year on a rise in net interest income. The government sees growth at 2.3% this year, from 5.9% in 2022, on higher consumer spending, strong tourism and investment. Piraeus Bank, 40% owned by the country's HFSF bank rescue fund, reported net earnings of 120 million euros ($132 million) from 92 million euros in the same quarter last year. Net interest income reached 461 million euros from 266 million euros a year ago, it said. The group's non-performing loan exposure ratio (NPE) improved to 5.5% of its total loan portfolio from 9.3% in the second quarter of 2022.

Persons: Lefteris, Mark Potter Organizations: Piraeus Bank, Thomson Locations: ATHENS, Piraeus

☆ Greek police find 3.2 million euros of cocaine in banana containers
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +1 min

ATHENS, June 3 (Reuters) - Police in northern Greece have seized dozens of packages of cocaine stashed in containers laden with bananas that had been shipped from Latin America, they said on Saturday. Police seized two suspect containers at the port of Piraeus and, after taking them to the port of Thessaloniki, found 100 "bricks" of concealed cocaine, weighing 161 kilos. The drugs, which would have been distributed across Greece and other European countries, are estimated to be worth about 3.2 million euros, police said. The consignment was found as part of an investigation Greece launched last month with North Macedonia authorities and the U.S. anti-drug agency, following the seizure of about 100 kilos of cocaine also hidden in banana containers at a warehouse in Thessaloniki. (This story has been refiled to fix a typographical error in the headline)Reporting by Angeliki Koutantou; Editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

Persons: Angeliki Koutantou, Giles Elgood Organizations: Police, Saturday . Police, U.S, Thomson Locations: ATHENS, Greece, Latin America, Piraeus, Thessaloniki, Macedonia

☆ As Greece Votes, Leader Says Blocking Migrants Built ‘Good Will’ With Europe
▼ + stars: | 2023-05-21 | by ( Jason Horowitz | ) www.nytimes.com time to read: +1 min

Prime Minister Kyriakos Mitsotakis of Greece has been accused of illegally pushing asylum seekers back at sea. He has acknowledged that the state’s intelligence service wiretapped an opposition leader. He has consolidated media control as press freedom in Greece has dropped to the lowest in Europe. It is the sort of thing that the guardians of European Union values often scorn in right-wing populist leaders, whether it be Giorgia Meloni of Italy or Viktor Orban of Hungary. “I’m helping Europe on numerous fronts,” Mr. Mitsotakis said in a brief interview on Tuesday in the port city of Piraeus, where, in his trademark blue dress shirt and slacks, the 55-year-old rallied adoring voters on crowded streets.

☆ Piraeus Bank posts higher Q1 profit on strong net interest income
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

ATHENS, May 5 (Reuters) - Piraeus Bank (BOPr.AT), Greece's third-largest lender by market value, reported higher quarterly net earnings on Friday on strong net interest income. The bank, which is 27% owned by the country's HFSF bank rescue fund, reported net earnings of 180 million euros ($198.7 million) in the first three months of the year, compared with a profit of 170 million euros in the last quarter of 2022. Net interest income in the first quarter rose to 420 million euros from 407 million euros in the fourth quarter, benefiting from the favorable interest rate environment. The bank lifted its earnings per share target to about 0.55 euros this year from a previous estimate of 0.45 euros. Piraeus CEO Christos Megalou said in a press release that the bank had also upgraded its target for return over tangible book to 12%.

Since the crash, rail workers have staged rolling strikes demanding that the government takes action to revamp the sector. REUTERS/Stoyan Nenov 1 2 3 4 5PUBLIC OUTRAGEPeople laid flowers and candles at the Athens central train station. "We want safe railways that operate," the head of a railway workers union Nikos Tsikalakis told state television. "We will not allow a lack of transparency, a cover-up, a renunciation of responsibilities and any delays to lead to oblivion," private sector union GSEE said in a statement. "The culprits must pay regardless of their rank," read a poster by public sector union ADEDY.

☆ Piraeus Bank reports higher Q4 profit on strong net interest income
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

ATHENS, Feb 24 (Reuters) - Piraeus Bank (BOPr.AT), Greece's fourth-largest lender by market value, reported on Friday strong net earnings in the last quarter of 2022 on higher fees and net interest income. The bank, which is 27 percent owned by the country's HFSF bank rescue fund, reported net earnings of 170 million euros, after a profit of 116 million euros in the third quarter last year. Reporting by Lefteris Papadimas Editing by Karolina TagarisOur Standards: The Thomson Reuters Trust Principles.

☆ Piraeus Bank to reduce bad loan exposure ratio to below 6% in 2023
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

ATHENS, Jan 30 (Reuters) - Piraeus Bank (BOPr.AT), Greece's fourth-largest lender by market value, said on Monday that it will cut its non-performing exposures (NPEs) ratio to below 6% of its loan portfolio in 2023. Under a business plan for 2022-2025, unveiled last year, Piraeus aimed to decrease its NPEs ratio to 3.0% by 2025 and possibly start paying out dividends from 2024 onwards. The bank targets earnings per share above 0.45 euros ($0.48) this year, up from estimated earnings per share of 0.27 euros for 2022. Piraeus, which is 27% owned by the country’s HFSF bank rescue fund, said it expects a cost-to-income ratio of below 42% this year. It aims to reduce the ratio to below 40% by the end of 2025.

☆ Piraeus Bank swings to 9-month profit, ups full-year guidance
▼ + stars: | 2022-11-11 | by ( George Georgiopoulos | ) www.reuters.com time to read: +2 min

The bank reported net earnings of 729 million euros ($746.86 million) after a loss of 3.085 billion euros in the nine-month period in 2021. Net earnings in the third quarter grew to 116 million euros from 92 million in the second quarter. Piraeus Bank generated 0.28 euros of earnings per share in the nine-month period and expects to outperform its previous 0.35 euro full-year 2022 guidance, he said. Its performing-loans portfolio expanded by 800 million euros in the third quarter and by 2.3 billion in the nine-month period, topping a revised annual target of 2.0 billion euros. Likewise, net fee income rose 12% year-on-year in the nine-month period thanks to new loan originations and bancassurance.

☆ JPMorgan to expand in Greece with new office, payments team
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

ATHENS, Nov 11 (Reuters) - U.S. bank JPMorgan (JPM.N) said on Friday it will open a new office in Athens to support the growth of its business in the country. The office will house a new Payments Innovation Lab for which the firm will hire around a 50-strong payments research and development team locally - including product and engineering specialists. The Payments Innovation Lab will provide research and development to the bank's global payments business, including working with Onyx, JP Morgan's business unit that leverages cutting-edge technologies like blockchain. "We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve centre for our cutting edge payments innovation work," said Takis Georgakopoulos, Global Head of JPMorgan Payments. Recruitment for the Payments Innovation Lab will begin immediately, including for a head of the division.

☆ Transported through history: Greek mosaic floor graces new subway station
▼ + stars: | 2022-11-02 | by ( Deborah Kyvrikosaios | ) www.reuters.com time to read: +3 min

[1/5] Household objects of an ancient Greek house are seen at an exhibition inside Piraeus subway station, near Athens, Greece, October 19, 2022. They're not visitors to a museum, however, but passengers on a new subway line that links Piraeus, the sea port that serves the capital, with its airport. Subway builder Attiko Metro worked closely with archaeologists to create it, and the trove represents a highlight of thousands of artefacts found during the line's construction. "We are giving the passenger a small taste of an everyday moment in an (ancient) Piraeus house," said archaeologist Stella Chryssoulaki. "They found a small ancient ring.

☆ Greek banks overlooked but on bumpy road to re-rating -Eurobank Equities
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ATHENS, Oct 27 (Reuters) - Rising interest rates will provide a significant tailwind to Greek bank earnings this year and the next, Eurobank Equities said on Thursday, rating Alpha Bank (ACBr.AT), National Bank (NBGr.AT) and Piraeus (BOPr.AT) a "buy". In a research report, it said Greek bank shares were "out of sync with fundamentals", up just 3% so far this year and trading at a steep 25% discount to peers in Europe's periphery. Greek banks will benefit from a new credit cycle following a decade of de-leveraging while rate hikes will boost their net interest income, Eurobank Equities said. Greece's economy is also proving resilient thanks to tourism while banks' asset quality has improved in the last three years. "Besides their higher sensitivity to rate hikes versus EU peers, Greek banks have additional levers to pull, including continuous cost–cutting and accelerated fee generation," the report said.

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