Bank of Greece Governor Yannis Stournaras declared that participation by foreign financial institutions in Greek banks is entirely desirable. Speaking to German newspaper Handelsblatt, Stournaras welcomed international investment as Europe works toward financial integration.
The reception in Athens contrasts with Germany, where an attempt by Italian lender UniCredit to acquire a stake in Commerzbank triggered strong political and industry opposition. Handelsblatt reported that Greek authorities are taking the opposite approach by actively encouraging international financial institutions to buy shares in domestic lenders.
Stournaras emphasized that cross-border mergers represent a crucial step toward establishing a unified European banking union. He stated that international consolidation helps overcome market fragmentation across the continent while enabling financial institutions to achieve necessary economies of scale.
Bank Balance Sheet Recovery
Growing international interest follows years of balance sheet restructuring across the Greek banking sector after the country's multi-year sovereign debt crisis. Recently published first-half financial results showed increased revenue, sustained profitability, a substantial reduction in credit risk, and improved asset quality.
Market analysts at Deutsche Bank described the sector as an attractive target for investment and potential acquisitions. The analysts noted that strong financial performance, solid dividend yields, and favorable equity valuations make Greek banks a compelling choice for investors seeking growth and value.
UniCredit Expansion in Greece
The open approach to foreign capital is demonstrated by UniCredit's investment in Alpha Bank, which began with a strategic partnership established at the end of 2023. At that time, the Italian banking group purchased an 8.97 percent stake from the state-backed Hellenic Financial Stability Fund.
UniCredit has since expanded its investment to hold a 29.8 percent stake in Alpha Bank. Approximately 70 percent of Alpha Bank shares remain in free float on the open market.
