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Major take-up of Alpha shares

By Yiannis Papadoyiannis

The Alpha Bank warrants exercise has exceeded all expectations, as according to sources holders acquired an estimated 500 million of the lenders shares from the Hellenic Financial Stability Fund (HFSF).

This amounts to 4 percent of the banks share capital and takes the stake that is in private hands up to 35 percent, while the HFSFs holding was reduced to 65 percent. The next exercise of warrant rights is on December 10, with the last scheduled for December 2017.

Meanwhile the HFSF has approved Alphas acquisition of Citibanks Greek subsidiary and in the next two days the deal between the two lenders will be signed. Alpha will take charge of the branch network as well as Citibanks loan portfolio in Greece.

At the end of 2013 Citi had 21 branches in Greece 19 in Athens and two in Thessaloniki and employed 944 people.

Alpha will reap savings of 2 billion euros, which break down to 1 billion in deposits and 1 billion in savings products.

ekathimerini.com , Wednesday June 11, 2014 (23:27)  
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