Italy-based investment banking company UniCredit has wrapped up its previously announced acquisition of a majority stake in Alpha Bank Romania, the Romanian subsidiary of Alpha Bank.
The consideration for the deal involves 9.9% of the share capital of UniCredit Bank and approximately €255m in cash.
Announced in October last year, the merger is aimed at bringing together two complementary franchises in a high growth country. UniCredit Romania and Alpha Bank Romania both hold strong positions in the corporate and retail sectors.
The transaction was approved by the European Commission (EC) in June this year under the EU Merger Regulation. The EC concluded that the deal will not raise competition concerns due to the companies’ limited market positions.
Primarily, the merger applies to a range of banking and financial services in Romania, including retail and corporate banking, financial market services and other financial services.
Alpha Bank Romania executive president Sergiu Oprescu said: “I am confident that today’s step towards merger lays the groundwork for one of the most important, dynamic and customer-focused banking institutions in Romania.
“This institution resulted will stand as a modern, leading force in the industry—one that not only meets but anticipates the evolving needs of our customers and all stakeholders in an increasingly competitive and fast-changing business landscape”.
The completion of the majority stake acquisition initiates the gradual integration of Alpha Bank Romania into the UniCredit Group.
Following the necessary legal and authorisation procedures, this integration is expected to conclude with the absorption of Alpha Bank Romania into UniCredit Bank, projected for the second half of 2025.
According to UniCredit, the merged entity will become the third largest banking group in the Romanian market, including subsidiaries, with a combined market share of approximately 12% based on total assets.
UniCredit CEO Andrea Orcel said: “This is a decisive step in our strategic partnership with Alpha, allowing us to further enhance our presence in the country for the benefit of clients and our wider stakeholders. Romania holds strategic importance within our growing Eastern European region.
“With a stronger, efficient bank powered by innovative products made available to a larger customer base we will be able to increase support to individuals, SMEs and local communities.”
