Alpha Bank Eyeing Two Lenders In Ukraine

ATHENS, Greece -- Alpha Bank, Greece's second-largest lender, is looking at two buyout opportunities in Ukraine as part of its expansion strategy, its chief financial officer said on Thursday.

"We are pursuing opportunities in Ukraine, looking at two mid-sized banks with networks of about 100 to 150 branches," Alpha's Chief Financial Officer Marinos Yannopoulos told analysts in a conference call.

He did not name the acquisition targets but said the potential acquisition value, if deals go through, are in the area of 400 million to 500 million euros ($527.8 million to $659.8 million).

Yannopoulos said Alpha would be interested in acquiring majority stakes -- 60 to 85 percent.

Alpha was the third Greek bank to venture into Turkey after a deal earlier this month to team up with Anadolu Bank and acquire a 50 percent stake in Alternatifbank.

Already present in Romania, Bulgaria, Serbia, Cyprus and Albania, Alpha is targeting a network of 100 branches in Turkey's large cities.

Greek banks have been steadily expanding in the underbanked markets of southeast Europe to secure new areas of growth.

National Bank and EFG Eurobank have also established a presence in Turkey, buying local banks.

Source: Turkish Daily News