Alpha Services and Holdings S.A. announced that AIH has reached a definitive agreement with OTP Bank Plc regarding the acquisition by OTP of 100% of the share capital of Alpha Bank Albania SHA .
The consideration has been agreed at €55 million representing a 0.74x P/BV multiple.
The Transaction is capital accretive for the Group and is fully aligned with the Group’s commitment to focus its operations on its core markets. Completion of the Transaction, subject to the satisfaction of certain conditions precedent (including obtaining regulatory approvals under applicable law), is expected to take place within 2022.
The Transaction will create a leading banking group in Albania, with a market share of c.11% based on assets, thus continuing Alpha Bank's successful presence in the Albanian market as well as safeguarding the interests of the Group’s customer base with operations in Albania.
Rothschild & Co and UniCredit Group are acting as financial advisers in relation to the Transaction, while White & Case LLP is acting as international legal adviser and Kalo & Associates Law Firm as legal adviser on Albanian law issues.
Alpha Services and Holdings: Alpha Services and Holdings S.A. is a holding company, listed on the Main Market of the Athens Stock Exchange and holds 100% of the Bank's shares under the name "ALPHA BANK S.A.”. The Group offers a wide range of high-quality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate management.
OTP Group: OTP Group is one of the most stable financial groups in the CEE, listed in Budapest Stock
Exchange. Headquartered in Budapest, Hungary, OTP Group provides universal financial services in 11
countries to more than 16 million customers, with a network of nearly 1,500 branches and more than
37,500 employees.
