Jefferies sees a growth opportunity for Greek banks in the asset management sector, which can offset and even exceed the loss of revenues from interest rates and commissions now that the European Central Bank is making a series of interest rate cuts. 

At the same time, there is considerable scope for growth in asset management for another reason: although the sector has developed in our country, there is a gap that separates us from European countries. 

THE FACTS

Jefferies estimates that funds under management grew 7% quarter-on-quarter in Q2, which means they are up 40% for the whole of 2024. Net sales were up 60% year-over-year, with analysts noting that these strong numbers are positive for bank fees, both pending Q2 results and as we enter 2025. 

NBG

The house reports that National Bank has recorded the strongest performance for 2024 in this sector, as it had the strongest sales growth. Across the domestic banking system, net sales for 2024 were €4.8bn, up 60% compared to 2023. 

MARKET SHARES

In terms of asset management, Eurobank maintains a 26% market share and is in the top positions, while Ethnik is the lowest but sees the highest growth in December and in the whole of last year. In terms of household deposits, funds under management in Greece stand at 10%, compared to the European average of 46%.