HSBC this week gave crisis-battered Greek systemic banks a nod by issuing buy ratings, days ahead of the expected publication of earnings.
The multinational credit institution reiterated its buy rating for Alpha Bank, while changing the rating for Piraeus Bank to buy from hold. HSBC said it was also initiating coverage of Eurobank and National Bank of Greece, while also citing a buy rating.
Capital controls are still in place for depositors in the country – 420 euros per week for individuals – while a review of the “Greek program” by institutional creditors is still pending. Moreover, an ongoing migrant / refugee crisis may also negatively affect the economy.
