ECONOMY

Alpha’s general meeting approves hive-down process

alpha-s-general-meeting-approves-hive-down-process

Alpha Bank is speeding up procedures in its corporate transformation (hive-down), remaining focused on implementing its strategic plan based on a decision to split the bank. 

In this framework, an extraordinary general shareholders’ meeting on Friday approved the corporate transformation plan which envisages splitting off its banking operations and transferring them to a 100% subsidiary company (New Alpha Bank), signaling the launch of better products and services for its clients, active support for enterprises and the Greek economy and creating value for its shareholders.

New Alpha Bank will have a banking license, be a 100% subsidiary of Alpha Bank Holdings and operate under the brand name Alpha Bank.

The split-up company will cease to operate as a credit institution and will be transformed into a holding company, with its shares continuing to be listed on the main market of the Athens Stock Exchange.

Alpha said that in less than a year, since the beginning of the process, it had managed to complete the tender process for the Galaxy transaction and the sale of 80% of Cepal to Davidson Kempner.