Athens, Greece. Jefferies raised its target price for the National Bank of Greece to €18.10 from €17.00 and maintained a buy rating. Findings shared by Greek business outlet Newmoney imply about 29% upside for the stock.
Updated valuation and rating
The equity research report was authored by analysts Alexander Demetriou and Joseph Dickerson. The updated assessment increased the target price to €18.10 while keeping the buy recommendation.
First-quarter 2026 performance
National Bank of Greece reported strong first-quarter financial results for 2026, reinforcing its position among Greek banks on profitability and capital adequacy. The report highlighted a return on tangible equity of 16.3% for the quarter.
Loan growth
The bank’s lending portfolio grew, with net loans rising 11% year on year to €40.2 billion.
Allianz partnership and fee revenue outlook
Jefferies highlighted a newly formed strategic partnership with Allianz, under which the banking group will acquire a 30% minority stake in Allianz European Reliance. The agreement establishes an exclusive 10-year bancassurance partnership aimed at addressing a product gap in the bank’s insurance offering, and Jefferies projected the alliance would quadruple insurance fee revenues from 2027 onwards.
Earnings revisions
Following the update, the analysts raised their earnings-per-share estimates by 6% for both 2027 and 2028.
How do you assess the impact of the Allianz partnership on National Bank of Greece’s future fee income?
