UniCredit is set to raise its stake in Greece’s Alpha Bank to 29.5%, following approval from the European Central Bank, Bloomberg reported. The move marks the latest step in the Italian lender’s ongoing effort to deepen its presence in the Greek financial sector.
According to Bloomberg, the decision follows earlier stake increases in May and August this year, continuing a strategy launched in Oct. 2023 when UniCredit first acquired a 9% holding in Alpha Bank alongside the purchase of its Romanian unit.
Greek authorities have reportedly welcomed UniCredit’s growing involvement—a contrast to the resistance the bank has faced in other European markets.
The report highlights that UniCredit’s CEO, Andrea Orcel, has been behind some of Europe’s largest attempted mergers and acquisitions in recent years. While his bids for Germany’s Commerzbank AG and Italy’s Banco BPM SpA met political pushback, the Alpha Bank investment has stood out as a rare success story, with the Greek government openly embracing the Italian investor.
UniCredit said it will consolidate its current 9.8% stake with shares once all remaining regulatory approvals are in place. A decision on converting the rest of its Alpha Bank holdings, currently held through derivative instruments, will come later, depending on the balance between returns, capital impact, and shareholder distributions.
The partnership between the two lenders aims to expand cooperation across payments, specialized financing, advisory services, capital markets, asset management, and insurance products, Bloomberg noted.
Source: tovima.com
