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Monday, May 09, 2016 7:24:00 PM
By Dimitra DeFotis
The four troubled Greek banks — penny stocks that trade over the counter in the United States — are rising after positive comments at the Sohn Investment Conference in New York Wednesday.
Richard Deitz, the founder and portfolio manager at VR Capital Group, with offices in London and New York, said he likes the four big Greek banks after the European bailout and Greek restructuring more than a year ago. Ongoing cost-cutting including layoffs and “little incentive for cutthroat competition” should improve profitability, he said.
UPDATE: Alpha, which has the largest market capitalization among the bunch at $3.5 billion. Deitz’s favorite Greek bank because it trades at roughly 30% of its tangible book value. Alpha Bank (ALBKY) is up 1.7% today, but the big winner is Piraeus Bank (BPIRF), which rose nearly 17% Thursday. National Bank of Greece (NBGGY) was up 9% and Eurobank Ergasias (EGFEY) rose 7%. The Global X MSCI Greece ETF (GREK) is up 3% today.
http://blogs.barrons.com/emergingmarketsdaily/2016/05/05/sohn-sends-greek-banks-up-south-africa-telecom-mtn-down/
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