Greece's Alpha Bank announced the sale of treasury shares, amounting to 4% of its share capital, for a total consideration of Euro 296 million, to Paramount Services Holding Limited, a company representing the business interests of the "most prominent family" in Qatar. The bank said in a statement: "The Parties will identify investment opportunities in the extended Eastern Mediterranean region leveraging Alpha Bank’s proven track-record in establishing premier banking franchises in fast growing countries; coupled with the extensive expertise and connections of Paramount in the above mentioned particular region."
According to the Bank, the entry of a long-term Qatari investor in the capital of Alpha Bank will bring added value to the Bank and its shareholders through fostering its expansion in the region, and enabling the latter to continue progressing towards its targets while establishing it as a leading financial institution in the extended Southeastern European region.
Alpha Bank is a leading bank in Greece and has an extensive presence in Southeastern Europe, mainly in Cyprus, Romania, Bulgaria, Serbia, Albania, F.Y.R.O.M and Ukraine. Alpha Bank boasts a network of 830 branches and over 13,000 employees. At March 31, 2008, Alpha Bank had total assets of approximately Euro 56 billion. © 2008 Mena Report (www.menareport.com)
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