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Investing.com -- UniCredit, the Italian banking group, has announced plans to increase its shareholding in Greece’s Alpha Services to approximately 20%. This decision follows the bank’s entry into agreements with investment banks for financial instruments representing nearly 10% of Alpha Services.
On Wednesday, UniCredit confirmed it had secured financial contracts for an estimated 9.7% stake in Alpha Services. The shares were acquired at a discount compared to previous closing prices. The specific price paid for these instruments, however, remains undisclosed.
Alpha Services’ shares, which closed at 2.79 euros earlier this week, are currently trading up 3.5% at 2.89 euros.
UniCredit’s stake in Alpha Services will climb to around 20%, up from its current holding of 9.6%, pending regulatory approval.
This transaction is projected to yield an additional net profit of around 180 million euros ($203.9 million) annually. UniCredit plans to return these profits to shareholders, maintaining its distribution policy. The deal is also expected to have a 40 basis point impact on UniCredit’s CET1 ratio, a key indicator of a bank’s financial robustness.
The completion of the deal is anticipated by the end of 2025, according to UniCredit.
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