UniCredit finalizes merger with Alpha Bank Romania branch

UniCredit, the Italian banking giant, has announced the merger of its Romanian subsidiary with Alpha Bank Romania. The merger, which was completed in just nine months, marks a new milestone in UniCredit's growth strategy in Eastern Europe.

The acquisition was made for a total of EUR 255 million in cash, plus a 9.9% shareholding in UniCredit Romania. UniCredit S.p.A. acquired a 90.1% stake in Alpha Bank Romania from Alpha International Holdings, which is owned by Alpha Services and Holdings S.A.

The transaction brings UniCredit Bank Romania's network to around 300 branches and 900 ATMs nationwide. The combined bank now holds a 11% market share in assets, 13% in loans (UniCredit Consumer Financing), and 11% in deposits from customers.

Mihaela Lupu, CEO of UniCredit Bank Romania, stated that the merger makes the bank stronger and better positioned for the future. She further added that the merger is expected to unlock new potential for accelerated, profitable growth for both UniCredit and its customers.

The merger was not a result of a competitive auction process. It was done to enhance the combined bank's ability to compete in the Romanian market. The transaction was completed without any regulatory or competition approvals.

The merger does not involve any changes to the management structure of UniCredit Bank Romania. UniCredit Bank Romania maintains its 9.9% stake in the combined bank following the merger. The merger is supported by more than 4,800 employees, including those from Alpha Bank.

The merger further strengthens UniCredit's strategic role in Eastern Europe. UniCredit Bank Romania's market position is strengthened by the merger, providing a solid foundation for future growth and success.

In conclusion, the merger of UniCredit Bank Romania with Alpha Bank Romania is a significant step forward in UniCredit's growth strategy. The combined bank is now better equipped to compete in the Romanian market, offering a wider range of services to its customers and contributing to UniCredit's strategic role in Eastern Europe.