European Bank ADRs Surging on Greece (NBG, GREK, STD, BBVA, IRE, DB, CS, UBS)

Investing

Published: February 13, 2012 8:48 am

An agreement in Greece is sending European shares higher in New York ADR trading this Monday morning. Is it real this time? And is it not just a temporary measure until the next Greek elections?

National Bank of Greece SA (NYSE: NBG) is up 13% at $3.44 against a 52-week adjusted range of $1.64 to $11.85. Global X FTSE Greece 20 ETF (NYSE: GREK) has not yet traded but is indicated higher.

Elsewhere in bank stocks in the lands of the PIIGS… Banco Santander, S.A. (NYSE: STD) is up 1.2% at $8.64; Banco Bilbao Vizcaya Argentaria (NYSE: BBVA) is up 1.1% at $9.56. The Bank of Ireland (NYSE: IRE) is up 2.7% at $7.35.

Of the larger European bank ADRs, Deutsche Bank AG (NYSE: DB) is up 2.2% at $44.13, Credit Suisse Group (NYSE: CS) is up 2% at $26.34, and UBS AG (NYSE: UBS) is up 2.5% at $14.25.

JON C. OGG

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