Alpha Bank: Procedures with UniCredit accelerated

Alpha Bank is counting down to the completion of the agreement with UniCredit — well ahead of schedule — as well as to the unification of its group, according to reliable sources from “N”.

It appears that Alpha Bank has entered a new cycle of transformation, both internally, through the full digitization of its operations, and externally, by forging strong partnerships such as the one with the pan-European giant UniCredit.

UniCredit

According to information from “N”, Alpha Bank is set to complete the procedures for the additional 9.7% of UniCredit in the coming weeks, much earlier than what was announced when the transaction was concluded by the Italian bank. Against the backdrop of the increase in its participation from 9.6% to almost 20%, UniCredit became the first foreign bank to enter as a shareholder in a Greek systemic bank, and indeed with such a percentage.

According to UniCredit’s announcement on the transaction, the pan-European bank would have to submit all required regulatory applications to acquire a stake in Alpha of more than 10% and up to 29.9%, with the completion of the process expected to be completed by the end of 2025 on UniCredit’s part. However, the procedures have probably been accelerated, with Alpha Bank sources telling “N” that there is a plan to complete the transaction within the next few weeks.

Towards merger

Alpha Bank is also counting down to the consolidation of the group, since, almost a week ago, the merger was approved by the extraordinary general meeting.

Specifically, the merger of Alpha Services and Holdings with Alpha Bank S.A. is also about to be completed, now establishing the indivisible Alpha Bank Group.

In fact, relevant changes in the share capital were also foreseen, while it was pointed out that the completion of the merger has already received the approval of the competent supervisory authority, namely the European Central Bank.

However, the entire process remains to be completed in accordance with Greek law, which, according to information from “N”, will take place very soon, around June 27. Today, Alpha Bank is expected to hold the next extraordinary general meeting of shareholders of Alpha Holdings, so  there may be some further development on this issue.