Alpha Bank’s strategic alliance with UniCredit, as a pioneering model of cooperation for the European banking system, was highlighted by Alpha Bank’s Deputy CEO, Lazaros Papagaryfallou, during his participation in the “27th Annual Capital Link Invest in Greece Forum” in New York, while describing the Group’s next steps in development.
“Our collaboration with UniCredit proves that cross-border cooperation can work in practice, combining local strength with pan-European reach,” Papagaryfallou said, adding that this strategic arrangement proves that European banks do not need to lose their identity to become competitive.
Shared vision
As he underlined, the two organizations are coordinating commercially and operationally with the aim of providing integrated services to clients operating in more than one market. “This includes joint proposals, coordinated account design, client referrals and preferred bank status in shared markets. Both groups aim to present themselves as a single commercial front. The cooperation is very active in the field of wholesale banking, with a strong focus on syndicated lending, treasury, trade finance, transaction banking, investment banking and debt and equity capital markets,” he added.
Furthermore, he mentioned that a large chapter of this cooperation also concerns wealth management, as Alpha Bank distributes UniCredit’s investment products through its domestic network, while UniCredit provides Alpha Bank’s wealth management, with broad European coverage. “The results are significant: UniCredit’s mutual fund sales have exceeded 1 billion euros in just a few quarters. Letters of guarantee have reached 0.3 billion, co-financing amounts to 0.5 billion, while Alpha Bank has acquired a 10% minority stake in UniCredit Romania, with additional advantages for us,” said Papagaryfallou.
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