Latest news with #AlphaBank
Zawya
28-05-2025
- Business
- Zawya
UniCredit doubles stake in Greek bank Alpha in latest M&A twist
MILAN - UniCredit has done a deal to double its stake to close to 20% in Greece's Alpha Bank , the Italian bank said on Wednesday, as it diverted its attention away from M&A stumbling blocks elsewhere. Last week UniCredit challenged in court government conditions hampering a bid for domestic peer Banco BPM , while its ambitions to tie up with Germany's Commerzbank are also on hold due to government hostility. UniCredit said it has used derivatives bought through leading investment banks to buy 9.7% of Alpha at a discount to the latest closing price. It already owned 9.6% of Alpha. "This step strengthens our successful partnership with Alpha", CEO Andrea Orcel said in a statement. The bank will now seek ECB approval for the deal which would allow it to cross the 10% threshold and reach a potential holding of up to 29.9%. UniCredit also used derivatives to acquire 28% of Commerzbank. It bought a stake in Assicurazioni Generali too, but Orcel on Tuesday ruled out a takeover offer for Italy's biggest insurer. It first invested in Alpha in late 2023, becoming its main shareholder by buying the 9% stake held by Greece's state-controlled bank bailout fund HFSF for 293.5 million euros ($332 million). The investment was part of a deal that saw UniCredit acquire most of Alpha's Romanian business and strike a commercial partnership to sell its own asset management products to the 3.5 million clients of Greece's fourth-largest bank. The increased holding will allow the bank to book the investment in a way that generates an additional net profit of around 180 million euros per year, UniCredit said, adding it would return that money to shareholders. The impact on UniCredit's core capital will be of around 40 basis points it said. ($1 = 0.8835 euros)
Reuters
28-05-2025
- Business
- Reuters
UniCredit doubles stake in Greek bank Alpha nearing 20%
MILAN, May 28 (Reuters) - UniCredit ( opens new tab on Wednesday said it had entered derivatives contract to roughly double its stake in Greece's Alpha Bank ( opens new tab, bringing it close to 20%. UniCredit said it would seek supervisory approval to cross the 10% threshold and reach a holding of up to 29.9%.
Reuters
31-03-2025
- Business
- Reuters
Russian rouble seen weakening back to around 100 to the US dollar in a year
MOSCOW, March 31 (Reuters) - The Russian rouble is seen weakening back to the level of around 100 to the U.S. dollar in one year from now, following a rally at the start of this year, a Reuters poll of 18 economists showed on Monday. The rouble has strengthened by about 25% in 2025 against the dollar this year, mostly on expectations of easing geopolitical tensions between Russia and the U.S., which started talks in February about a potential peaceful settlement in Ukraine. A strong rouble can widen Russia's budget deficit in 2025, forcing the government to borrow more than it planned. The rouble is currently about 12% stronger than the level assumed in the budget. Analysts saw the rouble weakening to a median of 97 to the dollar by the end of September from the current level of about 85. The rouble was set to weaken further to 100 one year from now, although in the short term it will remain strong. "We believe that in April the rouble exchange rate will remain strong and trade close to current levels, although much will depend on the development of the geopolitical situation," said Kirill Sokolov from Sovkombank. Natalya Orlova from Alpha Bank argued that the geopolitical factor was hard to predict, and that even if relations between Russia and the U.S. improve, easing sanctions and increasing Russian export volumes to global markets will take time. "In our opinion, the main phase of the rouble's strengthening has ended, but there are not yet enough reasons for its significant weakening," Orlova said. In the previous poll analysts saw the rouble at 105 to the dollar in one year. Analysts said the central bank will keep its key interest rate on hold at 21%, the highest level since the early 2000s, at its next rate-setting meeting on April 25. They saw the regulator cutting the rate to a median of 20% in the second quarter. "We believe that the cycle of monetary policy easing may begin at the meetings in June-July," said Sokolov from Sovkombank. Some analysts expected the regulator to start cutting rates in the second half of the year. "It is important to understand that the full set of data needed for the regulator to move towards lowering the key rate will not be available before the July meeting," Gazprombank's analysts said. The analysts cut their full-year inflation forecast to 6.8% from 7.0% in the previous forecast. The full year economic growth forecast remained unchanged from the previous poll at 1.7%.
Yahoo
04-03-2025
- Business
- Yahoo
Alpha Bank Cyprus to buy AstroBank in €205m deal
Alpha Services and Holdings, the parent company of Alpha Bank, has reached a binding agreement to acquire the majority of the assets, liabilities, and personnel of AstroBank Public Company. The transaction will be carried out through Alpha Bank Cyprus, a fully owned subsidiary of Alpha Holdings. The deal is valued at €205m($214.1m) and is part of the group's objective to strengthen its market presence and financial footprint in core markets. Once completed, Alpha Bank Cyprus will expand significantly, increasing its market share to around 10% in terms of total assets. This is also expected to position the company as the third-largest bank in Cyprus. The acquisition is expected to boost its loan portfolio by over 60%, its deposit base by around 70%, and its asset base by approximately 65%. On a fully phased-in synergies basis, Alpha Bank Cyprus anticipates doubling its recurring profitability, exceeding €100m in net income. The transaction will have a limited impact on Alpha Bank's Common Equity Tier 1 (CET1) ratio, with an estimated increase of about 40 basis points. Completion of the transaction is expected by the end of Q4 2025, pending finalisation of documentation and regulatory approvals. Alpha Bank, part of Alpha Services and Holdings, was founded in 1879 and offers financial services, including retail banking, SMEs and corporate banking, asset management, private banking, insurance product distribution, investment banking, brokerage, and real estate management. The parent company reported profit after income tax €654.1m for fiscal year 2024 and €164.9m for the Q4. "Alpha Bank Cyprus to buy AstroBank in €205m deal " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
28-02-2025
- Business
- Reuters
Alpha Bank posts higher 2024 profit, upgrades guidance
ATHENS, Feb 28 (Reuters) - Alpha Bank ( opens new tab, Greece's fourth largest bank by market value, upgraded its profit guidance on Friday after reporting a strong net profit for 2024 due to higher fee income and stable net interest income. Alpha, which announced the acquisition of a small Cypriot bank on Thursday, reported normalized net earnings of 861 million euros ($894.23 million) last year, up 9.3% from the 787.4 million euros in 2023. Like other Greek lenders, whose profits have been boosted by higher net interest income and a strong rebound of the Greek economy, Alpha Bank upgraded its earnings expectations to 0.42 euros per share by 2027. Greek banks are steadying and returning to profit after they were nationalized following a financial meltdown in late 2009 due to the country's debt crisis, and needed several capital injections from the government. They received European Central Bank approval last year to resume dividend payments for the first time in 16 years after they cut bad loan ratios, eliminated state ownership, and returned to profit. "Aligned with our commitment to maximizing shareholder value, dividend accrual for the full year comes to 281 million euros, or 43% of reported profit... and with 75% dedicated to conducting a buy-back," said the bank's Chief Executive Vassilios Psaltis. Net interest income, which reflects the gap between lending and deposit rates, was almost flat year-on-year in 2024 at 1.65 billion euros, the bank said. Net fees increased by 12.2% year-on-year to 420 million euros while the non-performing exposure ratio was reduced to 3.8% of its total loan book from 4.6% in 2023. ($1 = 0.9628 euros) Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
