Alpha Bank is on track to finalize its agreement with UniCredit—well ahead of schedule—alongside the consolidation of its group, according to trusted sources from “N”.
It seems that Alpha Bank has embarked on a new phase of transformation, focusing on complete digitization of its internal operations and establishing robust partnerships, notably with the pan-European giant UniCredit.
UniCredit
As reported by “N”, Alpha Bank is expected to wrap up the procedures for acquiring an additional 9.7% stake in UniCredit in the coming weeks, significantly earlier than initially anticipated at the conclusion of the transaction by the Italian bank. With this increase in its stake from 9.6% to nearly 20%, UniCredit has become the first foreign bank to invest as a shareholder in a Greek systemic bank at this level.
According to UniCredit’s announcement regarding the transaction, the pan-European bank was required to file regulatory applications to secure a share of Alpha Bank between 10% and 29.9%, with the process anticipated to be completed by the end of 2025. However, it seems these procedures have been expedited, as sources from Alpha Bank inform “N” that they aim to finalize the transaction within the next few weeks.
Towards Merger
Alpha Bank is also approaching the consolidation of its group, following the approval of a merger at the extraordinary general meeting nearly a week ago.
This merger will see Alpha Services and Holdings combine with Alpha Bank S.A., establishing the unified Alpha Bank Group.
Changes in share capital were also planned, and the completion of the merger has received the green light from the relevant supervisory authority, namely the European Central Bank.
The entire process will still need to comply with Greek law, which, according to “N”, is expected to be concluded soon, around June 27. Today, Alpha Bank is anticipating the next extraordinary general meeting of shareholders for Alpha Holdings, where further developments may be announced.
