Alpha Bank – UniCredit: How likely is a full acquisition?

As the benefits of the UniCredit – Alpha Bank woody are galore and the Greek slope has already registered important marketplace profits, scenarios for a imaginable afloat takeover are “heating up”. Although the conditions look favorable, banking sources study that there is nary crushed for such a treatment for the clip being.

For some weeks now, aft expanding its stake successful Alpha Bank, discussions person been unfastened astir the anticipation of a afloat takeover of Alpha Bank by UniCredit, owed to the favorable climate.
The summation successful UniCredit’s stake to 26% has boosted Alpha Bank’s stock price, signaling the largest summation successful terms successful Europe. This statement creates the indispensable conditions for UniCredit to summation its stake to 33%-34% successful the aboriginal and to beryllium capable to submit, if it wishes, a nationalist connection for a afloat acquisition of Alpha Bank.

Italian banker Andrea Orcel’s intentions for Commerzbank look to beryllium similar. The difference, however, is that successful Germany the Italian elephantine is not so welcome, unlike Greece and the Greek government. “We person acquired a 20% stake successful Alpha Bank and we are welcome by everyone: the bank, the cardinal bank, the government, nationalist opinion,” helium precocious told the Swiss mag Bilanz.

Favorable conditions

According to Reuters, conditions successful Greece are much favorable, while fixed that Greece has three large banks, it would person nary crushed to fearfulness excessive overseas control, similar Germany.
The planetary bureau reported that UniCredit’s stake and its narration with Alpha Bank “close” the way for a counter-offer from a competing lender, frankincense creating a highly favorable situation for Orcel. However, banking sources said that there is neither crushed nor juncture for such a treatment for the clip being. In fact, the surplus value that Alpha Bank’s independency creates for UniCredit successful this woody seems to beryllium stronger than its imaginable integration into the Italian group.
For the clip being, according to accusation from the Greek side, UniCredit sees much prospects successful Alpha Bank arsenic a abstracted entity, particularly successful the country of acquisitions.

244-million-euro profits

According to the announcement of the Italian bank, the information successful Alpha will yield nett profits of astir 244 cardinal euros successful 2026 – an magnitude that is estimated to summation importantly successful the aboriginal – a value that UniCredit besides intends to instrumentality to its shareholders.

At the aforesaid time, UniCredit’s 26% participation, according to the aforesaid announcement, will person an interaction of astir 65 ground points connected UniCredit’s CET1 ratio, with a instrumentality connected concern of astir 20% astatine this stage, which is expected to improve, thanks to the initiatives resulting from the practice of the two recognition institutions.