Amundi Asset Management, Blackrock Asset Management, and Charles Schwab Investments were the largest buyers of the four Greek banks during the upgrade to developed markets (September 21, 2026), according to September monthly data from the Interactive Brokers platform.
This is the first «batch» of investors from developed markets, given that the upgrade by MSCI will follow next May.
French Amundi has 2.5 trillion euros under management, American Blackrock Asset Management has 11 trillion dollars under management, while Charles Schwab is the largest player on Wall Street with 13.4 trillion dollars in assets under management and over 40 million active investment accounts.
Building stakes
As authoritative stock market sources note, the major investment «houses» are set to build large stakes in the banks, between 5% and 10%, and the opportunities, due to fragile international markets, will be presented before the elections or during the upgrade.
The first parameter, as proven at least until today on the stock market board as well as through contacts by bank management teams, is that investors see no political risk, unless dramatic changes occur in opinion polls in early 2027 or ahead of the parliamentary elections.
Bets on consolidation
The second parameter, perhaps even more significant, is that several foreign investors are betting on a round of banking consolidation, either within Greece or through a move by a European group, most prominently a move by UniCredit, which holds 29.8% of Alpha Bank along with financial instruments (derivatives).
If banking consolidation moves unfold after the 2027 parliamentary elections, when governance matters will have cleared up, the Greek market, despite being a small «fish» in a large pond due to its low weighting.
The upgrade, however, and the integration into Euronext (joining the system in 2027) will create opportunities to appeal to investment houses with massive liquidity capable of changing its tier.
The detailed data
According to indicative aggregate figures from Interactive, the largest purchases, by volume, were carried out by Amundi Asset Management with 16.09 million shares in Eurobank and 10.26 million shares in Alpha Bank.
In detail, in Eurobank, Amundi purchased 16.09 million shares, followed by Blackrock Asset Management with 12.89 million shares.
Affiliate Blackrock Institutional acquired 3.66 million shares, while Charles Schwab Investment bought 3.34 million shares and Vanguard Asset Management 1.53 million shares. Sellers during the upgrade were State Street Investments with 5.49 million shares and Fidelity Management with 4.4 million shares.
In Piraeus Bank, Amundi Asset Management acquired 6.98 million shares, Blackrock Asset Management 5.65 million shares, Fidelity International 1.9 million shares, Charles Schwab 1.5 million shares, and Invesco Capital Management 1.18 million shares.
Key shareholder Paulson & Co proceeded with small sales of 59.7 thousand shares. In Alpha Bank, Amundi Asset Management purchased 10.26 million shares, as previously noted, while the second-largest buyer was Blackrock Asset Management with 8.35 million shares. Purchases of 3.62 million shares were also carried out by Charles Schwab and Blackrock Institutional Trust.
The largest seller in Piraeus was State Street Investments with 1.49 million shares.
In National Bank of Greece, Amundi Asset Management bought 5.65 million shares and Blackrock Asset Management 4.46 million shares.
An interesting entrant is purchases by T. Rowe Price with 1.97 million shares, given its respected research.
Furthermore, Fidelity International proceeded with purchases of 2.73 million shares of National Bank, Charles Schwab with 992 thousand shares, and JP Morgan Asset Management with 1.97 million shares.
Dimitris Pafilas
dpafilas@yahoo.com
www.bankingnews.gr
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