Stournaras: The increase in UniCredit’s stake in Alpha Bank is a very positive development

Bank of Greece Governor Yannis Stournaras remarked that UniCredit’s increased stake in Alpha Bank is a testament to the strong collaboration between the two institutions in recent times. He characterized the share acquisition as “a very positive development,” highlighting its reflection of the advancements in the banking sector and the overall Greek economy. This event also emphasizes the direction that the European Union should pursue in the banking landscape.

Full Statement from the Governor:

“The rise in UniCredit’s ownership of Alpha Bank, through the purchase of shares from the investment group Reggeborgh Invest, marks a significant positive step for both banks, largely stemming from their successful collaboration in recent times.

This also represents the notable progress being made in the banking sector and the Greek economy, as evidenced by ongoing upgrades from rating agencies for the Hellenic Republic and Greek banks.

This transaction underscores the path the European Union should adopt in its banking sector: fostering cross-border cooperation among viable banks, advancing the Banking Union and Capital Markets Union, and streamlining processes. These efforts fight against market fragmentation, promote economies of scale, enhance liquidity and efficiency, and pave the way for increased economic growth, quicker monetary policy effects, reduced prices for goods and services, and ultimately greater economic prosperity.

Kudos to Andrea Orcel, Henry Holterman, Vassilis Psaltis, and their teams for their professionalism and outstanding collaboration with the Bank of Greece.”