Greek Prime Minister Kyriakos Mitsotakis has expressed support for cross-border banking consolidation while welcoming the investment of Italy’s UniCredit SpA in Alpha Bank.
“I see value if a foreign buyer shows interest in a Greek company,” Mitsotakis said in an interview with Bloomberg on Friday. He declined to say specifically whether he would back a full takeover of Alpha Bank, stating only that he supports pan-European deals in principle.
Greece is leading a broader push by European governments to return bailed-out banks to private ownership and, unlike some countries, has welcomed foreign investors taking large stakes. Italy’s UniCredit SpA recently increased its stake in Alpha Bank SA to about 26%, worth approximately €2.1 billion as of Friday.
Bank of Greece Governor Yannis Stournaras also told Bloomberg earlier this month that he supports more cross-border transactions and hopes such deals will gain traction elsewhere.
“We are adopting a very pro-European view, which helps implement the banking union and the capital markets union,” Stournaras said. “We are in favor of cross-border transactions, and I hope this prevails elsewhere.”
The Greek government and the central bank, on the other hand, warmly welcomed UniCredit’s purchase of 26% of Alpha Bank SA shares, as well as its plan to increase its stake to 29.9%.
The government, the central bank, the banks, and public opinion have all adopted “a very, very pro-European approach,” according to the Greek central banker.
