Shorting Alpha Bank stock from 2013-2014
Millennium became known in the Greek market through its shorting activities on the shares of Alpha Bank (2013-2014, 2021 – February 2026), Terna Energy in 2023, Motor Oil in 2026, and Metlen in 2026. Millennium's involvement in Athens began when Greek banks, such as Alpha Bank, had initiated the process of cleaning up non-performing loans, but portfolio sales had not yet been completed.
Of course, these types of transactions are complex, and in certain cases, they also proceed with purchasing long positions. The fund maintains offices in New York, London, Dubai, and Paris, employs over 7,000 workers, and has a presence across 140 global destinations. According to its own statements, it operates in more than 100 stock markets across 45 currencies, averaging 13 million trades daily. As indicated by the data, the hedge fund utilizes financial instruments in stocks, derivatives, and currencies.
According to Bloomberg, the hedge fund is considering establishing an office in Greece; however, to date, it remains a simple private company headquartered in Marousi.
The manager
The manager of Millennium's private company in Greece is Mr. Martin Rajesh Pabari, while the partners are Millennium International with a 99% stake and Millennium Group Management LLC with 1%. The purpose of the company is portfolio management—excluding pension funds—as well as the provision of financial advice. The course of the fund is impressive. It was founded in 1989 with 35 million dollars by broker Mr. Israel Englander, and today it has managed to possess a capital strength of 80-90 billion dollars, making optimal use of the leverage provided by banks to hedge funds. Furthermore, Englander's specialization involves derivatives, options, and special situations for companies facing extraordinary events (exposure to loss-making companies, loans, etc.). As evidenced by its open sales in Athens, it proceeded with short sales prior to the sale of Terna Energy, during the period when a high tax was imposed on Motor Oil, while shorting Alpha Bank stock in the period 2013-2014, in 2021, and again in 2026. According to managers of foreign portfolios in Greece, providing tax incentives to billionaires during a period of pressure for most Greeks sends the wrong message, especially during a time of economic strain for average citizens. Moreover, this likely involves personal tax relief for high-earning managers, given that these hedge funds have the capability to execute their transactions from Europe, the UK, or the Middle East without establishing significant operations in Greece.
Dimitris Pafilas
dpafilas@yahoo.com
www.bankingnews.gr
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