In a new acquisition Alpha Bank progresses with the acquisition agreement of 69.61% of Alpha Trust's core shareholders with the aim of strengthening not only quantitatively but also qualitatively the group's capital management sector, it integrates top executives into the group, brings a major clientele and paves the way for the next step of the bank to build an arm in Luxembourg and export the model to the United Kingdom and Cyprus.
The cash acquisition agreement provides that Faidon Tamvacakis, along with the other key shareholders representing a total of 69.61% of the share capital, will sell their shares to Alpha Bank for 20.20 euros per share, with the bank moving on to an optional public proposal for the remaining 20.39% at the same price, with the aim of acquiring 100% of the company. The total price is EUR 63.4 million, with a premium of almost 14%.
In combination with the other acquisitions, Alpha creates a scheme that provides a full range of financial services and thus creates the basis for consistently recurring revenue from procurement. In particular:
- It raises the funds under management to over EUR 9 billion,
-Brings to the banking group one of the most prestigious independent fund managers in Greece, with strong and increasing profitability and a proven record of overperformance against the market, while also joining Alpha Trust leadership, Phaedon Tamvakis, Chris Aesop and their team of top executives.
-Combined with other acquisitions with the acquisition of Alpha Trust, the bank covers the entire range of customer needs, from retail banking and factoring, to sound management, investment services and complex corporate transactions.
-The bank composes under the same cover, retail banking for small businesses with factoring solutions through FlexFin, Wealth and Asset Management, with the incorporation of Alpha Trust and the exploitation of investment products through cooperation with UniCredit, Corporate and Investment Banking, with the strengthening of the possibilities of servicing complex transactions through Axia Ventures and the enhanced presence in Cyprus, through AstroBank and the insurance arm on the island from the merger Altius Insurance and Universal Life.
However, in particular, with Alpha Trust, the capital management pillar is reinforced, which "buttons" with the activities of Axia Ventures in investment banking, UniCredit's asset management products, AstroBank and insurance arm in Cyprus, creating synergies, expanding sources of commission revenue and increasing the value of the total clientele.
-The important clientele of Alpha Trust is also a great profit for Alpha Bank, as it acquires access to entrepreneurs and executives with a high and very high net position. Alpha Trust manages the property of many Greek entrepreneurs and shipowners, while at the same time specializing in managing pension fund funds and mutual insurance funds.
- Accelerates penetration into international health and asset management markets and promotes the bank's plan to provide Luxembourg-based Wealth and Private Banking services, and respectively on the UK and Cyprus markets, which is a project to be implemented with Alpha Trust being part of Alpha Bank's group.
-For Alpha Trust the acquisition provides the wider and larger platform, and increases the potential for international development. It is also important that the agreement does not change Alpha Trust's operating model, allowing its executives to continue working in the familiar and efficient way they are used to and in which it has kept its clients happy, who are now gaining further investment options.
Alpha Trust's asset management will be incorporated into Alpha Asset Management S.A.C. with Phaedon Tamvakis and CEO Chris Aesopos, remaining in leading roles in the long term. A defining role in reaching the agreement was played by the commitment that Alpha Trust would maintain its business model.
Alpha Trust, founded by Phadonas Tamvacakis in 1987 and has developed into an important player in fund management, with presence in Mutual Funds, investment services and private banking.
In 2025 the group recorded revenues of EUR 13,3 million, EBITDA EUR 5,9 million and net profits of EUR 4,65 million. It was the only independent company in the industry to survive the crisis, which explains the interest in its acquisition.
