Best bank: Piraeus Bank
It has been a great time to be a Greek banker. Rating agencies returned the sovereign to investment grade in 2023 and the country’s lenders, having reduced non-performing loans and cost of risk while rebuilding capital ratios, also delivered improved profits.
That was enough to put them back on the acceptable list for growing numbers of international and domestic equity investors, and the resulting share price rises brought valuations back in line with southern European peers, albeit still at single-digit price-to-earnings ratios and discounts to book value.
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