They announced a binding agreement for the development of strategic cooperation in Romania and Greece Alpha Bank and Unicreditwith an initiative that, as emphasized by Alpha Bank, radically changes the dynamics of the Greek banking system as a whole and constitutes, among other things, a vote of confidence in the bank.

The Alpha Bank – Unicredit agreement is built on three pillars of strategic importance which include:

1. The binding proposal of UniCredit for its entry as a strategic investor in Alpha Bank, with the purchase of the total share held by the HFSF. UniCredit proceeded to submit a binding offer to the Financial Stability Fund for all the shares (percentage of 9%) that it currently holds in Alpha Services and Holdings.

This is a proposal of high strategic importance, which supports the strategic planning of the State for the disinvestment of the HFSF from the Greek banks and, at the same time, marks the first investment by a strategic investor in the Greek banking sector, after 17 years. A strategic investment that also signals the country’s return to normality, then the return to investment grade on Friday by the Standard & Poor’s rating house.

At the same time, as pointed out, it is a vote of confidence in Alpha Bank, as its acceptance leads to the complete privatization of the Bank, making Alpha Bank the only bank in Greece with the participation of a strategic primary investor in its capital.

This transaction will have additional benefits as it will pave the way for the complete privatization of the rest of the Greek systemic banks, potentially attracting other strategic (industrial) investors, through the disinvestment process coordinated by the Financial Stability Fund.

2. The joining forces of the two Banks in Romania to create the 3rd largest bank in the market. The strategic framework signed also includes the joining of forces between Alpha Bank and Unicredit in Romania, through the merger of the two local subsidiaries and the creation of the 3rd largest bank in the Romanian market. As a result of the transaction, Alpha Bank maximizes the value it can create for the benefit of its shareholders by joining a new larger banking entity, while giving its customers – individuals and businesses – access to an expanded ecosystem of products, services, advisors and markets of one of the leading banking organizations in Europe.

At the same time, Alpha Bank frees up capital while, maintaining a 10% stake in the 3rd largest bank in Romania, it will continue to benefit from revenue generation, taking advantage of the positive prospects that are emerging in the Romanian economy, and in fact at the same levels or even higher than past.

3. Commercial cooperation with UniCredit through a joint venture for the provision of portfolio management and life insurance products The agreement also includes the cooperation of the two companies in the field of portfolio management and life insurance products, as well as the exploitation of wider future synergies for the development of banking services and products . Specifically, the two contracting parties agreed

a) in the development of a joint venture scheme in the pension and savings products sector, with the acquisition by UniCredit of 51% of AlphaLife, until today a 100% subsidiary of the Alpha Bank Group, and

b) in the distribution of UniCredit OneMarkets mutual funds through the Alpha Bank network. This commercial dimension highlights Alpha Bank’s ability to attract the interest of powerful players for the launch of new products and services in the Greek market, as it has done in the recent past through the formation of strategic alliances with international groups such as, among others, Generali, Nexi and Davidson Kempner.

The commercial partnership of the two parties is part of the strategic objectives presented by Alpha Bank at the recent Investor Day to take advantage of additional opportunities to maximize the value it can create for its Shareholders. The combination of UniCredit’s strong expertise, portfolio and network in Central and Eastern Europe with Alpha Bank’s existing infrastructure and proposition will help to expand the services currently available to Alpha Bank’s clients, consolidating its leadership position in the field of asset management and bancassurance products in Greece.

Hatzidakis: After many years, a major European bank is again investing in the Greek banking system

The Minister of National Economy and Finance, Kostis Hatzidakis, made the following statement:

“The Government welcomes UniCredit’s decision to invest in Alpha Bank. The baton now passes to the Financial Stability Fund, which will proceed based on its statutes and the relevant procedures provided for. However, the fact that a major European bank is investing in the Greek banking system after many years is proof that both the Greek banking sector and the Greek economy have entered a path of perspective and growth. This positive development is the result of systematic work which the Government is determined to continue”.

  • Alpha Services and Participations S.A. and UniCredit SpA announce the merger of their subsidiaries in Romania and the achievement of strategic cooperation in Greece [23.10.2023]