National Bank of Greece and Banco Santander Rally as Germany Expected to Back ESM
Five Star Equities Provides Stock Research on National Bank of Greece and Banco Santander
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/13/12 -- European financial stocks have rebounded sharply in the last month as concerns regarding the regions debt crisis seemed to have subsided, at least for the mean time. The iShares MSCI Europe Financials Sector Index Fund (EUFN) -- which is designed to measure the combined equity market performance of the financial sector of developed market countries in Europe - has gained over 13 percent in the last month. Five Star Equities examines the outlook for companies in the Foreign Banking Industry and provides equity research on National Bank of Greece (NYSE: NBG) and Banco Santander, S.A. (NYSE: SAN).
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The Euro rose to a four-month high on increased optimism of Germany backing the Euro zone bailout fund and possible stimulus from the Federal Reserve. Later this week Germany's Constitutional Court is expected to approve the European Stability Mechanism (ESM), Europe's EUR 500 billion fund. Germany is Europe's largest economy, and would have the most at risk if countries default forcing the European Central Bank to take losses.
"That just removes the uncertainty about the bailout fund which is euro-positive and the consensus now is that the German court will back the fund without incident," said Brian Kim, RBS Securities currency strategist.
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National Bank of Greece, the oldest and largest among Greek banks, heads the strongest financial group in the country. It boasts a dynamic profile internationally, particularly in Southeastern Europe and the Eastern Mediterranean. The bank last month submitted an offer to acquire Emporiki Bank from Credit Agricole.
Banco Santander is a financial group operating principally in Spain, the United Kingdom, Portugal, other European countries, Brazil and other Latin American countries and the United States, offering a range of financial products. The company recently launched the public offering of up to 24.9% of Santander Mexico.
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Datum: 13.09.2012 - 06:20 Uhr
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