UniCredit Converts Alpha Bank Stake to Direct Holding of 29.8%

UniCredit SpA converted its synthetic holding in Greek lender Alpha Bank SA into actual shares, bringing its direct stake and voting rights to around 29.8%, the Milan-based bank said in a statement Monday.

UniCredit already owned the stake directly and via derivatives since October, part of Chief Executive Officer Andrea Orcel’s plan to boost cooperation with Alpha Bank while avoiding a full takeover bid.

Orcel’s strategy to build participation in Greece’s fourth-largest bank by assets was kicked off in 2023 with a 9% stake and the purchase of its Romanian unit. The tie-up has become one of the CEO’s ...