Wood & Co. sees 211 mln USD in losses for trio of Greek banks’ shares after MSCI downgrade
Wood & Company on Monday unveiled gloomy forecasts for Greek bank shares on the Athens Stock Exchange (ATHEX), in the wake of a downgrading by MSCI of the three out of four systemic banks.
Wood estimates that the downgrading of National Bank, Piraeus Bank and Eurobank from the MSCI Standard Greece index to the MSCI Small Cap index could translate into losses of 211 million USD for the trio’s share prices.
The breakdown, according to the Wood forecast, is 104.4 million USD for Eurobank; 31.6 million USD for Piraeus and 70.5 million USD for National Bank. The investment bank also sees a marginal loss of 800,000 USD for Alpha Bank, which will remain on the MSCI Greece index, along with five other listed Greek companies.
The downgrade will take effect on Nov. 30, 2018.
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