Chicago Students' Proprietary Trading
Long/short equity, deep value, special situations, micro-cap

Alpha Bank: The Mother Of Greek Recovery Trades

Chicago Students' Proprietary Trading - May, 2014

We recommend Alpha Bank (BLMBRG Equity "ALPHA:GA", ADR "OTCMKTS:ALBKY") as a BUY.

Company Overview

Alpha Bank (OTCPK:ALBKY) is the second-largest Greek bank, with a domestic market share for loans of over 25%. It has been operating in Greece since 1879 and currently supports a market capitalisation of EUR 8.4B. The company also has other regional exposure outside of Greece, with 14% of assets located in South Eastern Europe, notably Albania, Cyprus, Romania, and Serbia.

Currently, the Hellenic Financial Stability Fund is the largest shareholder, with an 84% stake in the business. The remaining 16% of shares are held privately, with around half owned by individuals, and half by foreign institutions....

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