Prem Watsa Expresses Full Confidence in Eurobank’s Outlook

Prem Watsa, chairman of Fairfax Financial Holdings, on Friday expressed his full confidence that Eurobank will become profitable in the long-term. Addressing a meeting with the bank’s top executives in Athens, Watsa said: “Our long-term goal is Eurobank to become profitable again. We are convinced that Eurobank and its management can surpass expectations and present the first successful recovery example in the Greek banking system after the crisis.” Fairfax is a cornerstone investor in Eurobank after investing 400 million euros in a recent share capital increase plan by the Greek bank. Christos Megalou, Eurobank’s chief executive, addressing the meeting said that “the bank’s success in attracting international investors of the status of Fairfax and Mr. Watsa, and other cornerstone investors such as Capital Research and Management Company, WL Ross, Mackenzie Financial Corporation, Fidelity Management and Research Company and Brookfield International Ban, was a landmark and a starting point for the future” both for the bank and the Greek economy. “We hope that we have them by our side and draw from their unique global experience. We will give our best to meet our commitments through set timetables,” Megalou said. Prem Watsa stressed that Eurobank was the first Greek systemic bank with a majority private shareholding base after its recapitalisation and that the bank was properly positioned to fully exploit opportunities created by Greece’s return to positive growth rates. “Our investments in Greece have a long-term horizon. Eurobank can play a decisive role in the project of returning the Greek economy to a sustainable course, both by offering a success model in the banking sector and through creating a new model of financing Greek enterprises,” Watsa said. He added that a decision by Fairfax to participate in Eurobank’s board offered proof of its commitment to support the bank’s management. “We believe that markets have already begun realising the significant opportunities existing in the Greek market and the positive outlook of the country, on the precondition of a stable course of implementing a reform programme,” he added. Prem Watsa is the founder, chairman and chief executive of Fairfax Financial Holdings, based in Toronto, Canada. The company has assets under management worth around 25 billion US dollars. (source: ana-mpa)

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