Goldman Sachs’ review of Greek banks concluded without surprises

Goldman Sachs’ review of Greek banks concluded without any surprises. Analysts from the US bank, accompanied by investors who already hold long-term positions in Greek financial institutions, met on Monday and Tuesday (March 9–10) with investor relations teams from the four systemic banks, the chief financial officers of Eurobank, National Bank of Greece and Alpha Bank, as well as the management of Bank of Cyprus.

The Greek side highlighted the favourable macroeconomic backdrop, with rising private consumption and investment supporting demand for corporate lending while maintaining relatively limited risk exposure. These favourable conditions are also reflected in the key financial metrics presented by the banks for 2025. Despite a decline in income from interest and fees, capital generation levels remain strong, underpinning increased payouts to shareholders.

At the same time, banks are advancing their growth plans, focusing primarily on strengthening their presence in bancassurance and asset management. Although the Recovery and Resilience Facility will end this year, disbursements to final beneficiaries are expected to continue for at least another two years.

The main issue during the meetings, however, was the situation in the Middle East and its potential implications for inflation, interest rates and broader economic conditions. The Greek economy is not considered heavily exposed, at least in the short term. A recent analysis by Goldman Sachs noted that the impact of the energy shock on growth and inflation in Greece is likely to be milder than in the rest of the Eurozone.

However, should the turmoil persist, sectors such as shipping and tourism could emerge as vulnerable, both for the economy and for the banking sector.

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Τέλος στα σενάρια εξαγοράς βάζει η GOLDEN STAR FERRIES

During their presentations, the four systemic banks outlined differing strategic priorities for the coming years, placing emphasis on capital strength, business expansion and tapping into new markets.