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Athens News Agency: News in English, 01-01-18

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] HSBC-Greece-mutual fund
  • [02] ECB-foreign exchange
  • [03] Douros SA-results
  • [04] ETBAbank-results
  • [05] Agricultural Bank-ASE listing
  • [06] ASE-close
  • [07] Electra SA-shareholders meeting
  • [08] Allianz-Greece-new company

  • [01] HSBC-Greece-mutual fund

    18/01/2001 16:57:33

    HSBC Hellas on Thursday announced the launch of a new pan-European equity mutual fund offering zero entry commission to investors until June 2001.

    The new products raises the bank's mutual funds to nine, of which five are equity funds.

    HSBC's new mutual fund invests its assets to selective companies in developed European markets, offering medium- to long-term return prospects and lower risk due to the fund's large geographic dispersion.

    [02] ECB-foreign exchange

    18/01/2001 16:49:53

    The euro currency recovered slightly against the US dollar on Thursday, surpassing the 94 cents level again, according to reference rates by the the European Central Bank.

    The euro/dollar rate rose to 94.04 cents, from 93.96 on Wednesday. As a result the drachma/dollar rate was set at 362.34 drachmas per dollar.

    The single European currency rose to 111.28 yen (3.06 drachmas). It was 0.6385 (533.67 drachmas) against the sterling, 1.5283 (222.96 drachmas) against the Swiss franc and 0.5774 (590.14 drachmas) against the Cyprus pound.

    [03] Douros SA-results

    18/01/2001 16:40:20

    Douros SA expects its 2000 pre-tax profits to exceed 425 million drachmas (1.25 million euros), up from 381 million (1.11 million euros) in 1999.

    In a letter to the Athens Stock Exchange on Thursday, the company said that it launched three new retail sale shops in the last four months of 2000 and that the company had achieved to null its bank loans.

    Douras has recently signed an exclusive partnership agreement with Victoire, a French retail chain.

    The company plans to open three more shops around the country.

    [04] ETBAbank-results

    18/01/2001 16:32:41

    ETBAbank on Thursday reported that its equity capital exceeded 370 billion drachmas, healthy asset structure and high credibility rate.

    The bank's governor, G.Kasmas, inaugurating ETBAbank's new branch in the Thessaloniki Industrial Zone, said that the bank's strong capital base ensured higher turnover in the future and profits up to 30 billion drachmas currently.

    Kasmas said the bank plans to launch branches in other industrial zones in Greece, in an effort to strengthen its presence in the retail banking sector.

    [05] Agricultural Bank-ASE listing

    18/01/2001 16:25:58

    Agricultural Bank of Greece (ATE) is making its debut on the Athens Stock Exchange on Friday, 72 years after its foundation, with a listing price of 3,200 drachmas per share.

    Market analysts said that the bank's share price has positive prospects despite a negative climate prevailing in the market in the last few months.

    Agricultural Bank's debut will also mark the launch of a new trading term in the Greek bourse, the "green shoe", as Commercial Bank - the underwriter of the issue - will be able to intervene in the market in case that the bank's share price falls below its listing price.

    The bank also offered significant incentives to a large group of investors to maintain their holdings for at least six months. Owners of "agrometoha", a convertible bond issue, and bank employees who will hold their share holding for six months will receive two free shares for every 10 old ones.

    Agricultural Bank continues its search for a strategic partner to take an increased equity stake in the bank and to gradually take over its management. The bank has hired Morgan Stanley to search for a foreign investor.

    Petros Lambrou, ATE's governor, has repeatedly said that one of the bank's more pressing aims was to set up the first Greek shipping bank, to strengthen its participation in energy, telecommunications, tourism, real estate and investment banking sectors.

    Under the plan for the shipping bank, ATE will hold a 44 percent equity stake, Nova Scotia another 4.0 percent and the majority will be distributed among the country's largest shipowners.

    [06] ASE-close

    18/01/2001 15:59:23

    Equity prices ended lower on Thursday as profit taking easily reversed the previous day's sharp advance during the last hour of trading on the Athens Stock Exchange.

    Traders said buyers were active in the first three hours of the session pushing the general index 1.50 percent higher, but then lack of follow-through buying paved the way for profit taking selling to develop.

    Analysts said the market has established new support and resistance levels at 3,180-3,250 points, but said that a rise above the 3,250 level would need a rise in turnover above 60 billion drachmas.

    The general index ended 0.66 percent lower to 3,183.73 points, with turnover a low 112.29 million euros, or 38.26 billion drachmas.

    The FTSE/ASE 20 index for blue chip and heavy traded stocks ended at 1,872.48 points, off 0.53 percent, and the FTSE/ASE 40 index fell 1.85 percent to 332.75 points.

    The parallel market index for smaller capitalisation stocks eased 0.94 percent to 254.31 points.

    [07] Electra SA-shareholders meeting

    18/01/2001 15:45:33

    Electra's shareholders on Thursday decided to recall a share capital increase plan, agreed on August 2, 2000, following a decision by Bank of Piraeus Group - its parent - to turn the company into a real estate firm.

    The group also plans to secede the electrical equipment retail department from Electra and to merge it with one of its other subsidiaries.

    Electra will hold an extraordinary general shareholders meeting soon to discuss a new share capital increase plan, worth 10.16 billion drachmas, and to present in detail its plans over activities in the real estate sector.

    The company expects improved 2000 results and predicts higher profits from its activities in real estate this year.

    [08] Allianz-Greece-new company

    18/01/2001 14:39:10

    Allianz Group on Thursday announced the creation of an investment services company Allianz Finance Securities aiming to offer full services in asset management to private and institutional investors, and pension funds.

    The new company's initial capital will be one billion drachmas.

    Allianz Finance will also offer brokerage services on securities transactions (stocks, bonds, bank deposits and derivatives) and consultancy services to companies.

    A company statement said Allianz Finance's comparative advantage in Greece was the leading role of Allianz Asset Management's activities worldwide, currently the fourth largest asset management company in the world with asset under management totalling 700 billion US dollars.

    Allianz Group has entered the Greek market for asset management in 1992 through its mutual funds management company Allianz Hellenic. The company has currently 12 mutual funds with total assets of 150 billion drachmas.

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