After 17 years, a strong European bank is giving a vote of confidence to the Greek banking system and the Greek economy in general, investing in Alpha Bank and its long-term prospects. It is UniCredit that announced a strategic investment in Alpha Bank, launching the rapid and complete privatization of Alpha Bank, through the proposal to buy the percentage held by the Financial Stability Fund (HFS). The binding agreement also foresees an agreement in Romania to create the 3rd largest bank in the market, through the merger of the subsidiaries of the two banks. Also commercial cooperation in Greece in Portfolio management products through AlphaLife.

But who is UniCredit that invests in Alpha Bank and by extension in the Greek banking system and the prospects of the Greek economy?

UniCredit is a pan-European commercial bank with a unique level of service provided in Italy, Germany, Central and Eastern Europe with a total of 13 banks in 12 countries. The purpose of the Bank, as stated in its presentation, is to strengthen the prospects of progress of communities, through the provision of high quality products and services, thereby maximizing the potential of its customers and people across Europe. UniCredit serves more than 15 million customers worldwide, based on four main geographies and three business units, corporate solutions, retail banking and payments. This allows the Bank to be close to its customers and to utilize the full capabilities of the Group to develop and provide the best products in all its markets. As noted, digitization and its commitment to ESG criteria are key drivers of UniCredit’s services, helping the bank deliver excellence and create a sustainable future for its customers, local communities and people. Its ambition, as stated by Group CEO Andrea Orcel and head of Italy among others, is to serve the 13 markets where UniCredit is present in the best way and to give what society needs on the way to success: the bank for the future of Europe.

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

After many years, a large European bank invests again in the Greek banking system, states in a statement the Minister of National Economy and Finance, Kostis Hatzidakis, on the occasion of today’s announcement of Alpha Bank’s strategic cooperation with one of the largest banking groups in Europe, UniCredit.

“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”, says Mr. Hatzidakis.

Yannis Stournaras: This agreement reflects the increased credibility of the Greek economy

On the occasion of the agreement between UniCredit and Alpha Bank, the governor of the Bank of Greece, Yannis Stournaras, pointed out the following: The Bank of Greece welcomes the UniCredit and Alpha Bank deal, the first major strategic deal between a major European bank and a systemic Greek bank since the financial crisis of the previous decade.

This agreement reflects the increased credibility of the Greek economy in recent years, as this has been certified by four rating agencies so far, which have granted investment grade to Greek government bonds. It also reflects the significant progress achieved in the Greek financial system.

The two banks, UniCredit and Alpha Bank, are to be congratulated for the systematic work they did to reach this important agreement, which does not only concern Greece and Italy, but the entire eurozone.”