Greece's Alpha Bank Signals HNW Ambitions With Acquisition

Tom Burroughes

14 April 2026

The move last week by Greece’s to buy 69.1 per cent of Alpha Trust’s issued share capital is part of the lender's plan to expand its reach into the high net worth area, an asset manager notes.

Alpha Bank also intends, it said in its announcement, to launch a Voluntary Tender Offer aimed at the remaining shareholders to buy the rest of the outstanding shares of the Alpha Trust, at the same price per share as that offered under the share purchase agreements.

The transaction and the VTO are expected to be completed by the end of the second quarter of 2026, subject to customary regulatory approvals and consents.

“Alpha Bank’s latest transaction adds €2 billion-plus to its asset management’s division AuM of €23 billion ($26.9 billion). It’s a bolt on acquisition and makes strategic sense given the asset manager’s expertise in alternative investments, an area Alpha wanted to acquire expertise in,” Matthias Siller, co-portfolio manager of Barings Emerging EMEA Opportunities, said in a note yesterday. “With a market share of 30 per cent, Alpha is the largest Greek asset manager and aims to leverage its close cooperation with 30 per cent shareholder Unicredit to gain further market share via a push into the HNWI field.”

“Currently asset management fees represent more than a quarter of Alpha’s noninterest income, one of the highest percentages in the industry,” Siller said.

When the transactions and VTO are complete, Alpha Trust’s wealth management activities are expected to be integrated into Alpha Bank’s private banking division, adding extra strength to Alpha Bank’s coverage and support services to HNW and institutional clients in Greece and overseas.

The bank said the transaction is expected to be accretive for earnings per share by about 1 per cent for the group, yield a return on invested capital of more than 15 per cent, and have a limited impact – of about 17 basis points – on Alpha Bank’s Common Equity Tier 1 ratio.