Finance
Alpha Finance raises price targets on Greek banks
ATHENS, Nov 28 (Reuters) – Alpha Finance, a subsidiary of Alpha Financial institution (ACBr.AT), on Monday raised its worth targets on shares of Eurobank (EURBr.AT), Nationwide Financial institution (NBGr.AT) and Piraeus Financial institution (BOPr.AT), three of Greece’s largest lenders, sustaining a ‘purchase’ ranking on all of them.
The brokerage additionally raised the sector’s anticipated 2023 earnings progress by 20%, saying the banks have been set to profit from the next rate of interest setting and optimistic macroeconomic prospects at dwelling.
The Greek authorities final month forecast that financial progress would gradual however a recession could be averted, with gross home product anticipated to develop by 5.6% in 2022 and by 1.8% in 2023.
Greek financial institution shares (.FTATBNK) have outperformed their European friends with features of 15% for the reason that begin of the yr versus a 5% fall within the EuroStoxx banking index, with Alpha Finance anticipating the outperformance to proceed subsequent yr as properly.
Analysts have mentioned some Greek banking belongings had been undervalued and that many have made progress clearing unhealthy loans.
Alpha mentioned it expects the banks’ web curiosity revenue to rise by 11% subsequent yr with their mortgage portfolios unlikely to incur any important unfavourable affect from the anticipated financial slowdown in 2023.
It set a worth goal of 1.44 euros for shares of Eurobank, 5.0 euros for shares of Nationwide Financial institution and a couple of.25 euros for Piraeus Financial institution.
Reporting by George Georgiopoulos; Modifying by Conor Humphries
Our Requirements: The Thomson Reuters Belief Rules.
Finance
BC finance minister will retire following provincial election in fall
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British Columbia’s finance minister has announced she won’t be running again in the next provincial election after serving in the legislature for nearly two decades.
Katrine Conroy said it will be hard to leave the people she’s worked with over the years, but at 66, it’s time to step back to spend time with her family.
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Conroy has held several portfolios under the New Democrat government and said it’s too hard to settle on a “greatest accomplishment,” but she’s especially proud of her work to waive post-secondary tuition fees for former youth in care.
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She has also served as forests minister, and she thanked Premier David Eby and his predecessor, John Horgan, during the announcement on Friday, saying they “had the courage to appoint this rural woman to cabinet.”
Conroy was first elected in 2005 to represent West Kootenay-Boundary, then re-elected in 2009, 2013, 2017 and 2020.
She said one of her sons had reminded her that a Conroy had been on ballots in the region since 1986. That’s when her late husband Ed Conroy first ran as a school board trustee before he too served as an MLA between 1992 and 2001.
“That’s 38 years of our family supporting both of us in public service to our communities,” Conroy said at an announcement in Castlegar in the southern Interior, her voice faltering with emotion.
“I have been here as an elected official since (2005) and vicariously through my husband when he was an MLA for 10 years.”
In addition to finance, Conroy currently serves as minister responsible for the Columbia Basin Trust, Columbia Power Corporation and the Columbia River Treaty.
She said her work will continue until someone is elected to replace her.
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While the NDP were in opposition before the 2017 election, Conroy was the critic for seniors and Interior economic development, among other roles.
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Finance
Negotiating Climate Finance: India’s Leadership Role in the Global South
Finance
Finance Deals of the Week: $215M Construction Loan in Long Island City
Lending continued at the start of May with a massive $215 million construction loan provided by Kennedy Wilson and Related Fund Management to Grubb Properties to build a new 26-story multifamily apartment complex in Long Island City. There also was a huge $141.5 million construction package sourced by Related Fund Management in tandem with Kennedy Wilson Capital and United Fire Insurance Company in Florida.
The lending heated up on the industrial side, as well, with Stephen Palmese’s Integritas Capital lending $53 million so an owner could refinance vacant industrial space in Brooklyn. Take a look below for all the week’s largest loans!
Loan Amount | Lender | Borrower | Address | Property Type | Broker |
---|---|---|---|---|---|
$215 million | Kennedy Wilson and Related Fund Management | Grubb Properties | 25-01 Queens Plaza North; Queens | Multifamily | CBRE’s Elliott Voreis, Nate Sittema, Kristen Reilley and Owen Hall |
$142 million | Related Fund Management, Kennedy Wilson Capital and United Fire Insurance Company | Related Group, Sydell Group, Tricap | 2700 NW Second Avenue; Miami | Condominium | N/A |
$64 million | Lincoln Financial Group and PCCP | Bixby Land Company | 11145 and 11150 Inland Avenue; San Bernardino, Calif. | Industrial | N/A |
$53 million | Integritas Capital | John Quadrozzi Jr. | 699 Columbia Street; Brooklyn | Industrial | N/A |
$53 million | Bain Capital Real Estate and Oliver Street Capital | Barings | 140 Summit Street Peabody, Mass. | Industrial | Colliers’ John Broderick and Patrick Boyle |
Finance Deals of the Week reflect deals closed or announced from May 6 to May 10. Information on financings can be sent to editorial@commercialobserver.com.
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