ECONOMY

Alpha’s net position is back in the black

Alpha Bank is expected to show a positive net position of more than 2 billion euros in its 2012 figures to be released later this month, which will give it a head start in the battle to maintain its private character.

The key point for Alpha was the acquisition of Emporiki Bank from Credit Agricole, as it secured Alpha funds of some 3 billion euros, which more than offset the losses from the Greek debt restructuring (PSI) last spring and the bond buyback among others.

At the end of the third quarter of 2012 Alpha had shown a negative net position of 330 million euros, but the incorporation of Emporiki means Alpha is the only systemic bank with a positive net position as its shareholders’ capital amounts to some 2.6 billion euros.