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UniCredit Converts Indirect Stake in Alpha Bank into a Direct 29.8% Holding
January 6, 2026
UniCredit has converted its synthetic holding in Greece’s Alpha Bank into physical shares, taking its direct stake and voting rights to about 29.8%. The Italian bank had a roughly 20% derivatives position in Alpha Bank since October with plans at the time to convert it into a direct stake. UniCredit’s direct rquity stake now keeps it just below the level that would typically trigger a mandatory takeover bid, consistent with CEO Andrea Orcel’s plan to build cooperation with Alpha without pursuing full control. UniCredit was upgraded to A- by S&P in October on the back of strong profitability and resilient asset quality. At the time, S&P noted that UniCredit’s inorganic growth via acquisitions, including its stake in Alpha Bank, would pressure the bank’s capital ratios but that they will remain adequate.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 101.1, yielding 5.45%.
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