UniCredit to become Alpha Bank's largest investor, purchase Romanian business

Italy’s UniCredit on Monday announced plans to become Greek lender Alpha Bank’s largest investor while also agreeing to acquire most of the bank’s Romanian business.

UniCredit has offered to buy a 9 per cent stake owned by Greece's bank bailout fund – the Hellenic Financial Stability Fund. Terms of the bid were not revealed, but those shares were valued at about €269 million at the end of trading last week, with government officials welcoming the offer.

The deal for the Romanian business will see Alpha Bank receive €300 million in cash. Alpha Bank will retain a 9.9 per cent stake in a newly created entity which merges both bank's Romanian businesses and will become the third-largest lender by assets in the country.

UniCredit will also acquire 51 per cent of Alpha's wholly-owned life insurance unit AlphaLife Insurance Company.

UniCredit boss Andrea Orcel has overseen a strategic shift towards smaller-scale acquisitions in central and eastern European countries. It previously announced a similar tie-up in Romania.

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