Alpha Services and Holdings SA, the owner of Alpha Bank SA (“Alpha Bank”), and UniCredit have agreed on the main financial terms of the merger between UniCredit Bank SA (“UniCredit Bank Romania”) and Alpha Bank Romania SA (“Alpha Bank Romania”) under international strategic partnership.

It is currently unclear what the new entity will be called, but under the terms agreed, Alpha Bank will hold about 10% of the equity capital of the merged entity and will continue to participate, including through representation on the board of directors. level of directors.

The deal will be completed in 2024 after going through the confirmatory due diligence process, obtaining formal approvals and clearances from all involved regulatory authorities.

The deal will create the third largest bank in the market by assets

The merger will bring together two complementary entities, both UniCredit Bank Romania and Alpha Bank Romania, with strong positions in the corporate and retail segments, and will create a strong financial institution that will be better positioned for customers and customer service, and will contribute new growth. opportunities in the Romanian market.

For the first time in Romania, two European banking groups are using partnership as an approach to market consolidation. This new approach is aimed not only at better supporting the Romanian economy, but also at prioritizing the needs of customers and the communities in which they operate.