When Eurobank’s share reaches €5 — meaning the entire bank will be worth €18 billion — Fairfax is expected to sell part of its stake, around 7% to 13%.
The Canadian group Fairfax has been in Greece for 13 years, and after a period of turmoil, it showed titanic patience. It is not a private equity fund — otherwise, it would have already sold its holdings.
However, this patience has proven highly profitable.
Why?
Just from Eurobank, after the absorption of Grivalia, Fairfax shows an average acquisition cost of €0.95 per share for the 33% stake it holds, worth about €1.1 billion.
The historical acquisition cost for that 33% stake stands at €2.52 per share, with Eurobank’s current price around €3.66.
Therefore, the 33% stake is now valued at €4.45 billion; subtracting the €1.1 billion cost basis, that leaves a book profit of €3.35 billion.
If we add up all Fairfax’s Greek profits — €3.35 billion from Eurobank, around €1.75 billion from Greek government bonds, €800 million from Eurolife, and another €400 million from the use of cash reserves and senior bonds from NPE securitisations — the total profit comes to €6.3 billion.
Fairfax deserves recognition for its perseverance.
During the dark years of the Greek banking system, when banks stood on the brink of collapse, Fairfax was looking for ways to exit Eurobank. Yet, CEO Fokion Karavias managed to convince them to stay committed — and ultimately, that loyalty has earned them €6.3 billion in profits.
When might Fairfax sell part of its Eurobank shares — say 7% to 13%?
To answer this, we need to look back at the past.
The Latsis family once held 44% of Eurobank, and when Greece went bankrupt, they sought a way to exit.
The experienced banker Apostolos Tamvakakis, acting as adviser to the family, proposed several solutions — but the final plan came from the late George Provopoulos, then Governor of the Bank of Greece.
As Provopoulos told Bankingnews at the time, he helped the family split the 44% stake into nine equal parts, each just below 5%, to avoid the obligation of contributing €2.5 billion to Eurobank’s recapitalisation. The bank was nationalised, but today it is fully private, financially strong, and under the capable management of Karavias and Ioannou.
Why mention this?
Because before the crisis, the 44% stake in Eurobank was worth €10 billion.
Latsis did not sell, and then came the disaster.
For the sake of historical accuracy, it should be noted that Spyros Latsis did try to find solutions amid the chaos — but it was in vain.
The €18 billion benchmark
A London-based source told BN that Fairfax, once Eurobank’s share reaches €5, meaning the bank will be worth €18 billion, will sell part of its stake — possibly 7% to 13%.
At that valuation, 7% of Eurobank would be worth €1.2 billion, while 13% would amount to roughly €2.3 billion.
Clearly, no one expects a repeat of 2012 — there is no visible scenario of collapse or a “bomb” in the banking sector like in the past with non-performing loans.
However, experience shows that every ten years a crisis erupts, which can change the landscape and lead to sharp market corrections.
Marshall confused about Metlen
Metlen closed at €46 on 13 October 2025, down 3.04%, and the drop was attributed to short fund Marshall, which holds a 0.63% short position, or about 970,000 shares.
According to information, Marshall is somewhat confused about Metlen. On one hand, it is waiting to see who will become the new CEO of the group after Evangelos Mytilineos steps down and remains only as Chairman. On the other hand, the fund is betting on a market correction.
However, a reliable BN source notes: “Marshall is a bit confused when it comes to Metlen.
It didn’t enter the position like it did in 2013 with the Greek banks when they were destroyed — it didn’t expect to find skeletons. It has realised that Metlen is a healthy and solid company by any objective measure. So it will likely play a short-term speculative game and then close its short position.”
When asked when it might close its short, implying what criteria would apply, the source replied:
“It’s not so much about a target price — say €40 — but about how much resilience the Metlen share will show. We understand that support mechanisms will be activated if needed.”
www.bankingnews.gr
However, this patience has proven highly profitable.
Why?
Just from Eurobank, after the absorption of Grivalia, Fairfax shows an average acquisition cost of €0.95 per share for the 33% stake it holds, worth about €1.1 billion.
The historical acquisition cost for that 33% stake stands at €2.52 per share, with Eurobank’s current price around €3.66.
Therefore, the 33% stake is now valued at €4.45 billion; subtracting the €1.1 billion cost basis, that leaves a book profit of €3.35 billion.
If we add up all Fairfax’s Greek profits — €3.35 billion from Eurobank, around €1.75 billion from Greek government bonds, €800 million from Eurolife, and another €400 million from the use of cash reserves and senior bonds from NPE securitisations — the total profit comes to €6.3 billion.
Fairfax deserves recognition for its perseverance.
During the dark years of the Greek banking system, when banks stood on the brink of collapse, Fairfax was looking for ways to exit Eurobank. Yet, CEO Fokion Karavias managed to convince them to stay committed — and ultimately, that loyalty has earned them €6.3 billion in profits.
When might Fairfax sell part of its Eurobank shares — say 7% to 13%?
To answer this, we need to look back at the past.
The Latsis family once held 44% of Eurobank, and when Greece went bankrupt, they sought a way to exit.
The experienced banker Apostolos Tamvakakis, acting as adviser to the family, proposed several solutions — but the final plan came from the late George Provopoulos, then Governor of the Bank of Greece.
As Provopoulos told Bankingnews at the time, he helped the family split the 44% stake into nine equal parts, each just below 5%, to avoid the obligation of contributing €2.5 billion to Eurobank’s recapitalisation. The bank was nationalised, but today it is fully private, financially strong, and under the capable management of Karavias and Ioannou.
Why mention this?
Because before the crisis, the 44% stake in Eurobank was worth €10 billion.
Latsis did not sell, and then came the disaster.
For the sake of historical accuracy, it should be noted that Spyros Latsis did try to find solutions amid the chaos — but it was in vain.
The €18 billion benchmark
A London-based source told BN that Fairfax, once Eurobank’s share reaches €5, meaning the bank will be worth €18 billion, will sell part of its stake — possibly 7% to 13%.
At that valuation, 7% of Eurobank would be worth €1.2 billion, while 13% would amount to roughly €2.3 billion.
Clearly, no one expects a repeat of 2012 — there is no visible scenario of collapse or a “bomb” in the banking sector like in the past with non-performing loans.
However, experience shows that every ten years a crisis erupts, which can change the landscape and lead to sharp market corrections.
Marshall confused about Metlen
Metlen closed at €46 on 13 October 2025, down 3.04%, and the drop was attributed to short fund Marshall, which holds a 0.63% short position, or about 970,000 shares.
According to information, Marshall is somewhat confused about Metlen. On one hand, it is waiting to see who will become the new CEO of the group after Evangelos Mytilineos steps down and remains only as Chairman. On the other hand, the fund is betting on a market correction.
However, a reliable BN source notes: “Marshall is a bit confused when it comes to Metlen.
It didn’t enter the position like it did in 2013 with the Greek banks when they were destroyed — it didn’t expect to find skeletons. It has realised that Metlen is a healthy and solid company by any objective measure. So it will likely play a short-term speculative game and then close its short position.”
When asked when it might close its short, implying what criteria would apply, the source replied:
“It’s not so much about a target price — say €40 — but about how much resilience the Metlen share will show. We understand that support mechanisms will be activated if needed.”
www.bankingnews.gr
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