BEAR STEARNS AND THE NATIONAL MORTGAGE BANK OF GREECE SIGN AGREEMENT TO INTRODUCE MORTGAGE/ASSET SECURITIZATION IN GREECE.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NEW YORK--(BUSINESS WIRE)--May 15, 1997--Bear, Stearns & Co. Inc. and the National Mortgage Bank of Greece This article is about the central bank of Greece. For the largest commercial bank in Greece, see National Bank of Greece. The Bank of Greece (Greek: "Τράπεζα της Ελλάδος") , the leading Greek mortgage bank, have signed an agreement to cooperate to develop mortgage/asset securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. in Greece. The two institutions will collaborate in all aspects of the securitization process in Greece, including the establishment of a legal and regulatory environment for securitization, the development of software and computer systems, and education of potential issuers and investors about the market. The collaboration will combine the international securitization expertise of Bear Stearns with the domestic Greek market presence of the National Mortgage Bank in a combined effort to develop and profit mutually from the establishment of a dynamic and liquid mortgage and asset backed securities market. Bear Stearns' efforts will be directed by Peter D. Cherasia, senior managing director and head of the Financial Analytics and Structured Transactions (F.A.S.T.) Department in New York, and by Robert L. Sheehy, senior managing director in charge of F.A.S.T.'s international securitization group in London. The National Mortgage Bank has a long tradition in housing and land finance programs in Greece and maintains a dominant market share of over 70% of the Greek mortgage market. The Bank's total assets exceed 1.7 trillion Drachmas (or approximately $7 billion). The group as a whole consists of over 70 branches strategically located in Greece and 20 branches abroad in several countries including Canada, Germany, Belgium, Sweden, the Netherlands, and Australia. The bank employs 1,200 persons. Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ). With approximately $10.6 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, asset management, correspondent clearing, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , and custody services. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has over 8,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , Hong Kong, London, Lugano, Paris, Sao Paulo, Shanghai, Singapore, and Tokyo. CONTACT: Mary Flounders Green (212) 272-4356 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion