Will National Bank of Greece (NYSE:NBG) Get Required Funding?

Posted by admin October 7, 2013 0 Comment 3358 views

Paulson & Co, John Polson’s Hedge fund as well as numerous other hedge funds from the United States are now investing very aggressively in the careening banking sector in Greece. Banks such as National Bank of Greece (ADR) (ADR) (NYSE:NBG) have been facing a tumultuous period for a long time now and some outside funding might just help them get back on their feet again. Due to the fact that so many hedge funds have been showing interest in Greece’s banks, the latter have been lobbying the local government to think about speeding up the reprivatization process in the banking sector.

The Financial times cited some anonymous sources and said that some of the other funds besides Paulson &Co who have shown an interest in investing in Greek banks are Eaglevale, Capital, York Capital, Baupost and Falcon Edge.

Friday’s trading session

In Friday’s trading, National Bank of Greece (ADR) (NYSE:NBG) rose by 9.55%. The opening price of the shares was $4.40, which climbed to an intraday high of $4.60 and dipped to a close of $4.59. Approximately 6.63 million shares were traded on Friday while an average volume of 2.54 million shares were traded over a 30 day period. The 52-week low of National Bank of Greece (ADR) (NYSE:NBG) shares is $2.85 and its 52-week high is $32.50. The company has a market capitalization of $11.00 billion.

About the company

The Greece-based National Bank of Greece (ADR) (NYSE:NBG) is a financial institution. It offers a variety of integrated financial-services, such as investment and corporate banking, retail-banking, mortgage-banking, stock brokerage, leasing, asset-management, insurance, venture capital, real-estate and consulting-services. Apart from this, it is engaged in numerous other businesses, such as hotel and property-management, real-estate and IT consulting.  National Bank of Greece (ADR) (NYSE:NBG)’s branch and ATM-network in the country is made up of 570 banking-units and 1,472 ATMs, across the country. After its acquisitions in Eastern Mediterranean and SE Europe the Bank’s oversea-network includes 1,189 units.

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