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UniCredit Said to Prepare Raising Alpha Bank Stake to 32.1%
January 12, 2026
UniCredit is said to be positioning itself to increase its stake in Greece’s Alpha Bank to approximately 32.1% by exercising derivative financial instruments representing an additional 2.3% holding. These instruments include options expiring in mid-January and total return swaps concluding by the end of the first quarter. Only last week, UniCredit had converted its synthetic holding in Alpha Bank into physical shares, taking its direct stake and voting rights to 29.8%. However, UniCredit does not yet exercise voting rights over the additional shares. An increase to 32.1% would still remain below the 33.33% threshold that would trigger a mandatory public takeover bid under Greek law. The stake expansion marks a targeted move by UniCredit’s CEO Andrea Orcel, who began building the position in 2023.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 101.8, yielding 5.3%.
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