The increase in UniCredit’s stake in Alpha Bank’s share capital is the result of the excellent cooperation developed between the two banks in recent times, stated Bank of Greece Governor Yannis Stournaras, commenting on the share purchase transaction, which he described as “a very positive development.” He added that it also reflects the significant progress of the banking sector and the Greek economy, and illustrates the direction the European Union should take in the banking sector.

The Governor’s full statement:

“The increase in UniCredit’s stake in Alpha Bank’s share capital, through the acquisition of shares held by the investment group Reggeborgh Invest, is a very positive development for both banks and is mainly the result of the excellent cooperation they have developed in recent times.

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It also reflects the significant steps forward in the banking sector and the Greek economy, which are confirmed by the ongoing upgrades of the Hellenic Republic and Greek banks by the rating agencies.

This transaction shows the path that the European Union should follow in the banking sector: Cross-border cooperation between healthy banks, along with the completion of the Banking Union, the Capital Markets Union, and the simplification of procedures, combats market fragmentation, creates economies of scale, improves liquidity and efficiency, and leads to higher economic growth, faster transmission of monetary policy effects, lower prices for goods and services, and ultimately greater economic prosperity.

Congratulations are due to Andrea Orcel, Henry Holterman, Vassilis Psaltis, and their teams for their professionalism and their excellent cooperation with the Bank of Greece.”