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Athens News Agency: News in English, 09-11-30

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

From: The Athens News Agency at <>


  • [01] Alpha Bank raises equity capital to 3.45 billion euros
  • [02] US envoy addresses American-Hellenic Chamber
  • [03] Hellenic Postbank reports sharply improved 9-month results

  • [01] Alpha Bank raises equity capital to 3.45 billion euros

    (ANA-MPA) -- Alpha Bank on Monday said its equity capital totaled 3,451,067,345 euros following completion of a share capital increase plan and noted that its equity capital was divided into 534,269,648 common voting shares and 200,000,000 preferential non-voting shares of a nominal price of 4.70 euros per share.

    The bank said its share capital increase plan was 1.52 times oversubscribed with Alpha Bank raising 986,343,968 euros from the market.

    [02] US envoy addresses American-Hellenic Chamber

    (ANA-MPA) -- US ambassador to Greece Daniel Speckhard on Monday addressed an American-Hellenic Chamber of Commerce meeting in Athens, pointing to mostly optimistic prospects ahead in both the Greek and internationally, along with challenges from the ongoing international economic crisis.

    Speckhard's address cited three primary axes, namely, international cooperation, labor flexibility and efforts to attract investment and capital.

    In terms of the latter and the new Greek government, he said:

    "The new (Greek) government has signalled its readiness to make structural changes to enhance Greeceās competitiveness and to improve the business climate. An improved business climate spawns investment, including investment from abroad. The benefits of foreign direct investment go directly to what this government is trying to achieve - job creation, increased wages and increased exports..." he said.

    Pointing to the necessity of labor flexibility as a remedy for unemployment, he cautioned, however:

    "... labor market flexibility does not mean expendability. Countries need to develop employment regulations to allow efficient contracting between employers and workers, and to protect workers from discriminatory or unfair treatment by employers. Countries should respect the International Labor Organization core labor standards."

    He noted that Greece can attract new investments based on renewable sources of energy, mirroring the new government's appeal for "green development".

    "A rapid push toward meeting Greeceās EU commitments in renewable energy by 2020 will draw investors with proven expertise in renewable technologies - and leading technologies in this field. And the benefits are varied. Given its boundless potential, this is an area where Greece can lead in the EU while boosting its own economy and enhancing its energy security. Development of renewable, 'green' energies is a passion shared by (US) President Obama and establishes a commonality of purpose that will serve our two countries well," he concluded.

    [03] Hellenic Postbank reports sharply improved 9-month results

    Hellenic Postbank on Monday said its consolidated pre-tax profits totaled 160.32 million euros in the January-September period (sharply up from profits of 2.0 million euros in the corresponding period in 2008) and announced that its third quarter pre-tax profits jumped to 37.39 million euros, up from 9.81 million euros last year.

    The bank said its investment portfolio grew 28.23 pct to 5.19 billion euros in the nine-month period, saving deposits rose 11.87 pct to 12.54 billion euros, new loans grew 9.06 pct to 7.77 billion euors, while in non-performing loans rate was only 1.07 pct.

    Aggelos Philippidis, the bank's chairman, commenting on the results said a successful completion of a share capital increase plan, worth 526.26 million euros, amid adverse economic conditions, brought Hellenic Postbank to the top among Greek banks and third among European banks in capital adequacy rates, highlighting the investors' confidence in the bank.

    He said the management's aim was to transform Hellenic Postbank into an alternative bank operating to the benefit of its shareholders and its work force.

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