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

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