Morgan Stanley

Majority ownership of the leading Greek natural cosmetics producer Korres is to pass into foreign hands, as the firm announced on Wednesday that it had signed a provisional agreement with Morgan Stanley and Chinese company Profex that will see the latter two obtaining share capital in the former of up to an indirect sum of 70 percent.

The application of the new accounting standard, the IFRS 9, will cost the Greek systemic banks some 7.6 billion euros according to Morgan Stanley, due to the additional provisions it will entail.

The Morgan Stanley report notes that the impact on Greek lenders is one of the highest among European banks.

National Bank (NBG) has hired Goldman Sachs and Morgan Stanley as advisers on the sale of a stake in its insurance subsidiary Ethniki Insurance, banking sources close to the procedure said on Thursday.

Founded in 1891, Ethniki Insurance is the oldest insurer in Greece and is fully owned by NBG.

Morgan Stanley predicts that Greek bond spreads will fall, if a deal is reached between the country and its creditors, in a report released. The financial company estimates that a possible deal and a completion of the review on the Greek program would lead to a huge surge in the value of Greek bank shares of up to 90%, while it believes the elusive deal will eventually be wrapped up.