EUROCORP

Financial Morning News 27/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 884.94 posting heavy losses of 4.90%, in a turnover of €79.25mn.

Corporate Impacts

  • Piraeus Bank: The bank agreed to acquire the Greek branch network and operations of three Cypriot lenders (BOC, Cyprus Popular Bank and Hellenic Bank, including loans and deposits of their Greek subsidiaries) for a total cash consideration of €524mn, as part of a bailout. The branches of the three Cypriot banks in Greece will open today. Following the completion of the transaction, Piraeus Bank will have consolidated total assets of €95bn, 1,660 branches and 24k employees.
  • Greek Banks:The Emergency liquidity assistance (ELA) ELA funding fell to €21.16bn at end-February from €31.42bn the previous month. Furthermore, the ECB funding to Greek banks also dropped slightly over the same period, to €75.23bn from €76.22bn (BoG).
  • Aegean Airlines:EU antitrust regulators said that the company offered concessions to try to win approval for its second bid for rival Olympic Air, extending their review of the takeover deal to April 23.
  • OPAP:The company postponed a shareholder meeting to discuss the renewal of a key IT services contract with Intralot to give Greece’s privatization agency TAIPED more time to study the agenda.
  • Cypriot Banks: An EU spokeswoman said that Cyprus’s bailout deal was “unique” but the EU may yet recommend that large depositors share the pain in future bank rescues. In other news, BoC rejected the resignation of chairman Mr. Andreas Artemis.
  • Technical

    FTSE 25 June future:

      Support levels: 274-268-262. Resistance levels: 286-294-300.

    General Index:

      Support levels: 870-850-830. Resistance levels: 910-930-950.

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