JPMorgan: Four Greek Banks Join the STOXX Europe 600

In a J.P. Morgan report on the quarterly rebalancing of the STOXX Europe 600, dated September 1, 2026, analyst Pankaj Gupta confirms that all four major Greek banks will be included in the index. These are National Bank of Greece, Eurobank, Piraeus Bank, and Alpha Bank, which are among the new additions that will take effect at the close of trading on September 18.

The change is directly linked to STOXX’s decision, announced on April 27, to reclassify Greece from the emerging markets category to the developed markets category. The upgrade takes effect with the September index review and now makes Greek stocks eligible for both the STOXX Europe 600 and the EURO STOXX.

Four banks with estimated trading volumes exceeding $1 billion

The most interesting part of the report concerns the estimated trading volumes that will be required due to the inclusion of Greek banks in the indices.

National Bank of Greece has the highest estimated trading value among all new additions to the STOXX Europe 600, at $326.9 million, corresponding to approximately 16.76 million shares. J.P. Morgan estimates that this volume is equivalent to about 10.9 times the stock’s average daily trading volume, a figure that illustrates the scale of the adjustment that may be required by passive portfolios and index-tracking investors.

Next is Eurobank, with an estimated trading value of $260.9 million and approximately 48.9 million shares, or seven times its average daily trading volume.

For Piraeus Bank, J.P. Morgan estimates trading volume of approximately $249.3 million, corresponding to 21.21 million shares and about 6.4 times the average daily volume.

For Alpha Bank, the corresponding estimated value reaches $171.2 million, with approximately 32.51 million shares and a trading volume equal to 4.7 times the average daily trading volume.

Collectively, the four Greek banks account for an estimated trading value of over $1 billion, making the Greek banking sector the key player in this restructuring.

The banks are also being added to the EURO STOXX Banks index

The significance of this change is not limited to the STOXX Europe 600.

JP Morgan notes that, due to their inclusion in the broader European index, the four Greek banks will consequently also be added to the EURO STOXX Banks, the key European banking stock index.

This is particularly significant for the Greek market, as it increases the presence of Greek banks in European benchmarks tracked by institutional investors, passive funds, and exchange-traded funds.

The upgrade, therefore, is not merely a formal reclassification of the Greek market. It translates into greater visibility for Greek bank stocks and, potentially, increased participation by international investors who, until now, had neither the obligation nor the ability to gain exposure to Greek securities through these specific indices.