Alpha Bank S.A. (the “Alpha Bank” or the “Bank” or the “Group”) announces that it has entered into definitive Share Purchase Agreements with certain shareholders of Alpha Trust Participations S.A. (“Alpha Trust” or the “Company”) for the acquisition of 69.61% of Alpha Trust’s issued share capital (the “Transaction”). Furthermore, the Bank intends to submit a Voluntary Public Offer to the remaining shareholders for the acquisition of the remaining existing shares of the Company, at the same price per share offered under the Share Purchase Agreements. The Transaction and the Voluntary Public Offer are expected to be completed by the end of Q2 2026, subject to customary suspensive conditions, including receipt of all necessary regulatory approvals and licenses.
Alpha Bank will inform the investment community, in accordance with applicable legislation, of any significant developments regarding the Transaction and the intended Voluntary Public Offer. Alpha Trust, with a three-decade track record, is Greece’s leading independent asset management company, with assets under management exceeding €2.2 billion and serving Retail Banking Clients, Private Banking and Institutional Investors. Alpha Trust offers a wide range of investment solutions in Greek and international markets, including alternative investments. It has a diversified and loyal client base, confirming its established position as a trusted investment advisor in the domestic asset management market. Alpha Trust is supported by a team of investment professionals, including portfolio managers and relationship managers, who have extensive experience and expertise in discretionary portfolio management and providing advice to private banking clients. Following completion of the Transaction and the Voluntary Public Offer, Alpha Trust’s wealth management activity is expected to be integrated into Alpha Bank’s Private Banking Business Area, further enhancing the ability to meet clients’ needs. After completion of the Transaction and the Voluntary Public Offer, Alpha Trust’s wealth management activity is expected to be integrated into Alpha Bank’s Private Banking Business Area, further enhancing the ability to meet Alpha Bank clients’ needs and provide a comprehensive range of wealth management services to high net worth clients and institutional clients, in Greece and abroad. Alpha Trust’s asset management activity will be integrated into Alpha Asset Management A.E.D.A.K., strengthening its role as the Group’s central investment management platform. This integration will create an expanded and strong asset management platform that will combine complementary investment capabilities and enhance the Group’s ability to offer clients a broader range of specialized investment solutions.
In the context of the Transaction, Alpha Trust’s senior management team, including its Founder and CEO, is expected to continue their cooperation with the Bank by undertaking long-term leadership roles, thus ensuring continuity and supporting Alpha Trust’s integration as well as the active participation of its management team in developing and implementing the Group’s strategy regarding domestic and international wealth and asset management activities.
Strategic rationale and commercial opportunity
Wealth Management constitutes a core pillar of Alpha Bank’s growth strategy and is supported by the continuously increasing demand for investment solutions, the increase in economic wealth and the structurally low penetration in the domestic market. With the completion of the Transaction and the Voluntary Public Offer, Alpha Bank’s ability to leverage these trends will be strengthened through a developed and integrated Wealth and Asset Management platform, while simultaneously diversifying its revenue base further and strengthening activities that generate fee income. The acquisition of Alpha Trust, among other things, is expected to:
- strengthen the Bank’s leading position in the Wealth Management sector,
- expand the Bank’s client base, including a significant number of affluent clients, and support the further development of Assets Under Management,
- enhance the Group’s product offering, including an expanded range of mutual funds and alternative investment solutions, further strengthening its leading position in the domestic asset management market,
- support the development of a comprehensive offshore wealth management strategy
- strengthen the Bank’s capabilities through the integration of an experienced management team and a strong pool of professionals in Private Banking and Asset Management sectors.
Financial impact
The Company’s acquisition is fully aligned with all the criteria the Group has announced regarding mergers and acquisitions. It also accelerates the implementation of the Group’s strategy, strengthening fee income generation, with the addition of Alpha Trust, which records strong performance in recurring management fees and performance-based fees, while further contributing to the diversification of revenue sources. At the same time, product offering for Private Banking clients and high net worth clients is significantly enhanced. Specifically, the Transaction is expected:
- to have a positive impact on Earnings per Share of approximately 1.0% for the Group, assuming the current trend is maintained,
- to deliver a Return on Invested Capital (RoIC) above 15%,
- to have a limited impact on the Group’s Common Equity Tier 1 ratio, estimated at approximately 17 basis points, and not affect the Group’s future capital allocation commitments.
What Vassilios Psaltis stated
Alpha Bank’s CEO, Mr. Vassilios Psaltis, stated: “We are particularly satisfied with achieving binding agreements with the Founder and other shareholders of Alpha Trust for the acquisition of a business that is distinguished by its high quality and established reputation in the market and shares Alpha Bank’s commitment to integrity and excellence in wealth and asset management. We look forward to welcoming, upon completion of the Transaction, Alpha Trust’s leadership team, a team with strong vision, high-level professionals and its stable client base, and we will remain committed to providing top-quality services. By combining Alpha Trust’s advantages with those of our own Alpha Asset Management A.E.D.A.K. and the Private Banking sector, we strengthen our leading position, introducing yet another higher benchmark in the Greek market. Overall, this acquisition is fully aligned with our commitment to seeking attractive opportunities for strategic growth, strengthening our fee and commission income-generating activity, and creating long-term value for our shareholders and clients.”
