UniCredit Strikes Derivatives Deal to Nearly Double Stake in Alpha Bank

UniCredit has taken a decisive step toward significantly boosting its ownership in Greece’s Alpha Bank, revealing on Wednesday that it has entered into a derivatives agreement with leading investment banks.

This deal will allow the Italian banking group to increase its shareholding from its current 9.6 per cent to potentially as high as 29.9 per cent, pending regulatory clearance.

The bank confirmed in its statement that it plans to seek supervisory approval to exceed the 10 per cent threshold, a necessary step under European banking regulations. “We will seek supervisory approval to surpass the 10 per cent threshold and potentially raise our holding to as much as 29.9 per cent,” UniCredit noted.

The new agreement provides UniCredit with the right to acquire an additional 9.7 per cent of Alpha Bank’s shares at a discount to the Greek lender’s most recent market closing price. This strategic financial arrangement would bring UniCredit’s total stake close to 20 per cent, with the possibility of climbing further, subject to regulatory consent.

UniCredit initially entered Alpha Bank’s shareholder structure by acquiring a 9.6 per cent stake from the Hellenic Financial Stability Fund (HFSF), Greece’s state-owned asset management entity.

In financial terms, the expansion of its stake in Alpha Bank is projected to be a lucrative move. According to UniCredit, the increased holding is expected to generate about €180 million in additional net income per year. “This investment is structured in a way that will generate around €180 million in additional net income per year, which we will return to our shareholders,” the Milan-based bank stated.

Describing itself as a “pan-European commercial bank,” UniCredit highlighted its broad operational footprint, which spans 13 banks across 12 countries, including major presences in Italy, Germany, and Central and Eastern Europe. With a customer base exceeding 15 million, the bank operates through four geographic clusters and three primary business units: corporate client solutions, retail banking, and payment services.

This structure, according to UniCredit, allows it to remain deeply connected to local markets while harnessing the collective strength of the entire group to provide best-in-class services across all territories. Digital transformation and a strong commitment to ESG (Environmental, Social and Governance) principles are integral to its operational model.

“Our goal is to strengthen communities’ potential through top-tier products and services, maximising opportunities for clients and our people across Europe,” the bank stated in its corporate messaging. UniCredit also reaffirmed its broader ambition to be “the bank for Europe’s future,” emphasizing its commitment to effectively serve the 13 markets in which it operates while meeting social and economic demands.

In terms of Alpha Bank’s current ownership structure, approximately 72 per cent of its shares are held by foreign institutional investors, while Greek institutional investors own about 7 per cent. The remaining 11 per cent is distributed among individual and corporate shareholders.

With the new derivatives deal in place and regulatory approval pending, UniCredit’s strategic investment in Alpha Bank marks a key development in its wider European growth agenda, reflecting both financial opportunity and a long-term vision for regional integration.

By fLEXI tEAM