Alpha-UniCredit deal marks step change in developments for banking sector

EconomyBanking Tags: Alpha, Banking, HFSF
Photo by MacroPolis
Photo by MacroPolis

The developments in the Greek banking sector moved up a gear on Monday with the announcement of a strategic partnership between Alpha Bank and Italy’s Unicredit, a deal that includes the Romanian business of the two parties, the sale of the Greek lender’s insurance and the prospect of UniCredit acquiring the 9 pct stake in Alpha held by HFSF.

As we had noted at the end of September, the Greek banking sector story had been building positive momentum over a period of months. Systemic lenders had shed most loans off their books via securitisations and sales of NPEs, and the ECB policy framework...

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