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Best Bank: National Bank of Greece |
National Bank of Greece continues to benefit from more resilient earnings than its peers. It generates its income on the back of a strong competitive position, especially with regard to its liquidity. It has a leading position for deposits, which enabled it to make more loans than its banking rivals. Total operating income for the year came to €3.3 billion, with net income at €702 million. Although its first-quarter €177 million net profit was down 28% year on year, this was a better performance than its competitors’. The return on equity of the retail banking operation was 22%.
The privatization of the Hellenic Telecommunications Organization was perhaps the landmark deal of the year and one that Credit Suisse had worked on for many years.