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Commission OKs Alphas restructuring

Alpha Bank announced on Thursday that the European Commission had given the green light for the implementation of the lenders restructuring plan, which Moodys rating agency described as a credit positive event.

The restructuring plan provides for actions that will help it return to sustainable profits. The Commission noted that the plan is in line with regulations concerning state subsidies and that the actions which have already been implemented as well as those included in the plan will create the right conditions for the lender to stage a full return to sustainable profits.

The Commission deemed that the buyout of local rival Emporiki made a positive contribution to Alphas sustainability as it allowed for the creation of significant synergies.

Moodys said the development means Alpha can proceed with its plan, which has already improved its credit profile.

It added that Alpha has recorded notable progress in cost management by incorporating Emporiki.

ekathimerini.com , Thursday Jul 17, 2014 (22:56)  
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