Pending the decisions of the Courts on Bpm bank in Italy and the start of talks with the new Government on Commerzbank In Germany, Unicredit is once again heating up the European game of risk and this time it is doing so by focusing on Greece. The bank led by Andrea Orcel has in fact doubled its stake in 20% Alpha Bank with the aim of reaching 29,9%.
Unicredit moves into Greece and buys 9,7% of Alpha
Andrea Orcell has no intention of sitting on its hands. Waiting without doing anything does not seem to be its style. And so, after having scaled Commerzbank, reaching almost 30%, after having launched a (troubled) takeover bid on Banco Bpm and having bought 6,7% of Generali, today it announces the subscription "with leading investment banks", according to the bank's note, of financial instruments relating to a 9,7% stake in Alpha Services and Holdings, the second largest Greek bank, at a price that incorporates a discount to the previous closing price of the shares (equal to 2,79 euros per share). "The physical settlement of the new financial instruments can only take place after obtaining the necessary authorizations", specifies Piazza Gae Aulenti.
Well, considering that Unicredit already owns 9,6% of Alpha, with the purchase announced today, the bank led by Orcel rises to around 20% of the Greek institution, a share that will allow it to "consolidate with the equity method and therefore better reflect the positive contribution of the strategic partnership", it says in a note. Not only that: Unicredit will present the necessary requests for the acquisition of a stake in Alpha greater than 10% and up to 29,9%.
The Milanese institution had started its collaboration with Alpha in 2023, announcing a strategic partnership that included, among other things, the merger of their respective banks in Romania (completed in November) and the creation of a joint venture in the sector of insurance and pension investment products, with the Italian institution holding a 51% stake in AlphaLife.
The impact of the Alpha Bank operation
According to Unicredit's calculations, the operation – which will be completed by the end of 2025 – will generate a additional net profit of approximately 180 million of euros per year, which the bank will return to its shareholders in line with its distribution policy.
As expected, the deal will have a impact of approximately 40 basis points on the Cet1 ratio of Unicredit, with a return on investment of approximately 16% (about 19% if calculated at the time of the initial investment), and therefore above that 15% that is said to be the base threshold below which Orcel "refuses to move". Piazza Gae Aulenti also predicts that the return will improve thanks to the initiatives that are being carried out within the partnership.
“This step strengthens our successful partnership with Alpha, which has already delivered value well above expectations,” commented CEO Andrea Orcel. “And there is still much to do. We are confident in Alpha’s leadership, its strategy and Greece’s growth trajectory. Over the course of this partnership, the Our engagement with the Greek government and key institutions has been extremely positive. Their approach and support have contributed significantly to the success of the partnership and this further investment.”
And in Italy Giorgetti promises answers on the Golden Power
Unicredit's "Greek move" comes as Unicredit in Italy is facing several difficulties in theoops on Banco Bpm. Speaking to the National Council of Fabi on Tuesday, Orcel explained that the one on Piazza Meda “is an industrially and strategically valid operation, but it clashes with different visions that make it de facto uneconomic”, he said, referring to the provisions imposed by the government through the Golden Power. Not only that: while waiting for the opinion of the Community Authorities, both Banco Bpm and Unicredit have appeal filed with the TAR: the first on the Consob resolution that suspends the offer for 30 days, the second against the restrictions imposed with the special powers.
The Minister of Economy also intervened on the issue today Giancarlo Giorgetti who, speaking in the Senate Chamber, said: "There is a golden that provides for a monitoring procedure, this monitoring has been started. In the monitoring procedure Unicredit and Banco Bpm have made their observations. We will have to give an answer to these observations in the context of monitoring. In the meantime – it is their right – they have decided to go to court – they all go to court in this country, the cause is not denied to anyone - and things get messed up. We will continue to monitor and dwe will have the answers we will have to give, in absolute coordination between the Ministry of Economy and Finance and Palazzo Chigi, absolute”.
On the Unicredit-Bpm affair, "from the beginning, from day one, there has been coordination between Palazzo Chigi and Mef, between Giorgetti and Meloni. If there were a minimum of misalignment, you will not find the announcement of the resignation, you will find the resignation because resignations are not announced but done, is that clear?“, Giorgetti pointed out. To those who asked him for an assessment of Consob regarding resignations in reference to the threats of the Authority's number one, Paolo Savona, he replied: “I just told you how to do it.”
The Foreign Minister and Deputy Prime Minister also spoke today about the offer from Piazza Gae Aulenti on Banco Bpm Antonio Tajani, telling himself in favor of easing conditions posed by the government in relation to UniCredit's takeover bid for Banco Bpm. "Absolutely yes", replied the leader of Forza Italia in response to the question of whether he is inclined to loosen the conditions. The minister also specified that "there is no question of national interest linked to the operation”. Words diametrically opposed to those uttered only a few weeks ago by the number one of the Ministry of Economy and Finance who, answering journalists' questions on a possible intervention by the EU Commission, had justified the government's restrictions precisely in the name of "national security".
(Last update: 15.14 pm on 28 May).
