Greece’s Alpha Bank to buy Ukraine’s Astra Bank March 28, 2008Posted by grhomeboy in Business & Economy.
Tags: Banking, Business, Economy, Greece
Alpha Bank, Greece’s third-largest lender, said yesterday it had reached a deal to buy a majority stake in newly established OJSC Astra Bank in Ukraine as part of plans to expand in the region.
Alpha Bank said it had agreed to buy 90 percent of Astra Bank at a price reflecting Astra’s equity capital of 9 million euros ($14.2 million). “With this acquisition, Alpha Bank gains a presence in a fast-growing market in one of the largest countries in Southeastern Europe,” the lender said.
Astra Bank plans to set up a nationwide branch network by 2010, targeting 50 branches by the end of this year, which will mean an investment of 130 million euros. Ukraine’s banking market has been on the radar screen of other Greek banks as well.