Greek Banks: Who Owns What

Athens Bank analyst Peter Leotsakos continues his excellent work in analysing who is being/will be stung by Greek losses. Today, he discusses the major shareholders of Greece’s banks. He begins by noting that the Greek government itself holds about 17% of the total equity in the country’s banks, and thus itself takes a hit in connection with their default. The Greek Orthodox Church owns 1.5%, but...
 foreigners already own 39%. Of these, the Bank of New York Mellon is by far the most exposed, owning 5% of Greece’s banks overall. He then lists the ownership of Greece’s major banks, which we provide below, with our own comments.

Alpha Bank
• Kostopoulos and Institutions 9%
• Dutch fund ABP 5%
• Morgan Stanley 4%
• Paramount Qatar 4%
• Fidelity 2,5%
• Unknown 34%
• Small shareholders 46%

WikiGreeks Comment: Yannis Kostopoulos has been at Alpha essentially his entire life, and has remained Greece-focused. One question is whether he faces losses from any connected entities, such as Athens Hilton, that he also has to worry about.

Eurobank
•Latsis family 44.6%
•Foreigners 19%
•Small shareholders 24.5%

WikiGreeks Comment: The Latsis Group has many baskets into which to put its eggs, from luxury jet services PrivatAir to Lamda Development, a major Greek real estate firm which built The Mall in Athens in 2005, as well as shipping and oil. Its leader, Spiros Latsis, has been as much focused on relationships in Brussels in recent years as on Athens, and would likely be very active in finding a European solution to the merged Alpha/Eurobank’s problems. What is the magnitude of connected real estate losses for Eurobank?

Piraeus Bank
•PPF Group 5,72%
•ICT Group 4,6%
• Family Vardinoyannis 4.5%
• First Gulf bank 3,01%
• ATE Bank 2%
• Companies group 2%
• M. Sallas 1.397%
• K Angelopoulos 1.3%
• Public - Ten 1.3%
• C Vardinoyiannis 0.3%
• Foreign institutional investors 29.5%
• Individuals 32.3%
• Companies 28.4%

WikiGreeks Comment: The Vardinogiannis family, like the Latsis Group, has many interests beyond Piraeus Bank. The most interesting question will be learning the extent to which these other businesses (oil and gas, publishing) are entangled with this increasingly distressed institution, and vice-versa.

Cyprus
• Rybolovlev Odella Resources Madura Holdings 9.99%
• Church of Cyprus 2.5% or 22.5 million shares.
• Theodoros Aristodemou 1.6%
• Elafonisi Ship Trading 1.5% of the Tsakos family
• Blackrock Global Funds 1%
• USS 0,8%,
• UBS 0.5%
• Investering Foreningen Danske Invest 0.6%
• Fund of 0.4%%
• Clearstream Banking 0.3%.

• Total shareholders 79,150

Marfin Popular Bank
• Dubai 18,69%
• MIG 9,49%
• Private investors 58%
• Strangers 7%
• Staff People's 2.07%.
• Lanitis 4.61%
• Theocarakis 1.23%
• Andreas Vgenopoulos 0.51%

• Total shareholders 94,000

WikiGreeks Comment: Andreas Vgenopoulos has many interests beyond his two banks, including Olympic Air, and the second-largest interest in the Panathinaikos Football Club after the Vardinogiannis family, with whom he is currently actively feuding. In recent days, he has also been buying shares of MIG.

MIG
• Dubai investment Group 17.28%
• IRF 17.91%
• Marfin Popular Bank 2.7%
• Foreign Institutional 16.08%
• Individuals 44.28%
• Vgenopoulos 7.8%

ATE Bank
• Greek government 89.7%
• Banks 7.8%
• Small shareholders 1.6%

TT
• State 34%
• ELTA 10%
• National 6%
• Eurobank 6%
• Marfin Popular 4%
• Strangers 5%
• Small shareholders 32%

Geniki
• Societe Generale 88%
• MTS 0.4%
• MIG 0.5%
• Small shareholders 9.9%

Attica bank
• TSMEDE 42%
• TT 22.55%
• Deposits and Loans 19%
• Small shareholders 17%

New Proton bank
• FSF 100%

WikiGreeks Comment: With Lavrentis Lavarentiadis out, Proton Bank is now state owned. It will be interesting to see how transparent the Greek government is in providing the general public an assessment of what took place at Proton, where the losses were, and how many of them were connected to the rest of Lavrentiadis’ business empire. Such a report would also cast important light on the quality of Greek bank supervision prior to the recognition of Proton’s losses, and could even provide clues about why the alleged embezzlement and money laundering there went undetected for so long as it did.

FB Bank
• Family Restis 59.52%
• ATE Bank 39,09%
• Other shareholders 1.39%
• Stavros Psycharis <1%

WikiGreeks Comment: FB Bank head Viktor Restis’ family group holds many assets. It is the fifth-largest shipper in Greece and has investments in resorts throughout the region, investments in property in Attica, and a 15% interest in Lambrakis Press, Greece’s largest media company, publisher of Ta Nea, To Vima Tis Kyriakis among many others. He also has set up venture capital funds such as Oxygen Capital Management SA, established in 2008 to tap growth in the country’s digital services market. As of 2010, FB Bank continued actively to undertake financing of various types and sizes of merchant vessels having strong relationships with a great number of Greek shipping companies, with shipping loans amounting to just under 32% of its total lending. Does FB Bank have exposure to non-performing shipping loans, to any Retis-owned entities, or to Greek real estate? In 2010, In the four-month period from August-November 2010, €35 million new non-performing loans were created. In 2010, provisions for bad loans amounted to € 44 million versus € 32 million in 2009, while accumulated provisions amounted to € 113.7 million at the end of 2010 versus € 69 million at the end of 2009. Overalll, non-performing loans increased to 11.94% of total loan portfolio versus 7.70% a year earlier.

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