Alpha Bank

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Not to be confused with Alfa Bank.
Alpha Bank S.A.
Alpha Τράπεζα Α.Ε.
Type Anonymi Etairia
Traded as Athex: ALPHA
Industry Financial services
Founded 1879
Headquarters Athens, Greece
Number of locations 1207 branches (Q3 2014)
Key people Demetrios Mantzounis (CEO),
Yannis Costopoulos (Chairman)
Products Retail, investment and corporate banking, asset management
Revenue Decrease 1.783 billion (Q3 2014)[1]
Profit Increase €110.5 million (Q3 2014)[1]
Total assets Decrease €72.40 billion (Q3 2014)[1]
Total equity Increase €8.20 billion (Q3 2014)[1]
Employees Decrease 14,410 (Q3 2014)[1]

Alpha Bank is the fourth largest Greek bank by total assets but the second largest by market capitalisation as at December 2014. It has a subsidiary and branch in London, and branches and subsidiaries throughout Southeastern Europe (see "International expansion" below). Founded in 1879, it has been controlled by the Costopoulos family since the very beginning. Currently Ioannis Costopoulos, who is the grandson of the original founder John F. Costopoulos, and the nephew of Stavros Costopoulos, Foreign Minister in the liberal government of Georgios Papandreou, is the Chairman.[citation needed]


John F. Costopoulos, Painting by Georgios Jakobides, 1919

In Greece[edit]

  • In 1879 John F. Costopoulos established a small commercial firm in the city of Kalamata.
  • In 1918 the banking department of the "J.F. Costopoulos" firm changed its name to Bank of Kalamata.
  • In 1924 the bank moved its headquarters to Athens and changed its name to Banque de Credit Commercial Hellenique.
  • In 1947 the bank changed its name to the Commercial Credit Bank (CCB).
  • In 1972 the CCB changed its name to Credit Bank (Trapeza Pisteos).
  • In 1994 Credit Bank changed its name to Alpha Credit Bank (ACB).
  • In 1999 ACB acquired 51% of the shares of the Ionian Popular Bank.
  • In 2000 ACB absorbed the Ionian Popular Bank. In the same year ACB changed its name to Alpha Bank.
  • In 2002 Alpha Bank's attempted merger with National Bank of Greece fell through.
  • In 2012 Alpha Bank called off its merger with Eurobank EFG, which was announced the previous year.[2]
  • In 2012, Alpha Bank acquired Emporiki Bank from Credit Agricole for €1.[3]
  • In 2013, Alpha Bank took over the deposits of Cooperative Bank of Dodecanese, Cooperative Bank of Western Macedonia and Cooperative Bank of Evia. [4]
  • In 2014, Alpha Bank took over Citibank's Greek operations.

International expansion[edit]

Alpha Bank Tower, Bucharest.
Building of the Alpha Bank in Cannon Street, London.
  • In 1960 Commercial Credit Bank established a subsidiary in Cyprus that it may later have closed or sold.
  • In the early 1990s, the bank started on a program of international expansion, especially in Southeastern Europe.
  • In 1993 Credit Bank and the EBRD established "Banca Bucureşti" in Romania, which commenced operations the next year. Credit Bank owned about 50% of the bank.
  • In 1994 ACB acquired Commercial Bank of London from Commercial Bank of Greece (Emporiki Bank) and renamed it Alpha Credit Bank London.
  • In 1996 ACB established a branch in Tirana, Albania, and followed that with three more branches.
  • In 1997 ACB established Alpha Credit Bank Jersey to promote private banking services.
  • In 1998 ACB acquired 82.5% of Lombard NatWest Bank in Cyprus and renamed it Alpha Bank Ltd.
  • In 1999 ACB acquired 65% of Kreditna Banka, Skopje, Republic of Macedonia. It now owns 84% (see Alpha Bank Skopje).
  • In 2000 "Banca Bucureşti" changed its name to "Alpha Bank Romania" (ABR). Monte dei Paschi di Siena took a 5% share of the bank. Alpha Bank’s share became 63%. ABR itself acquired a 12.5% stake in Victoria Bank (est. 1989), the largest private bank in Moldova.
  • In 2002 ACB acquired the minority stake and became the sole shareholder in Alpha Bank Skopje, accounting for 100% of its share capital.
  • In early 2005 Alpha Bank acquired 88.64% stake in Serbian Jubanka and changed its name to Alpha Bank Beograd.
  • Alpha Bank also has an extensive branch network in Bulgaria, the foundation of which it inherited from Ionian and Popular Bank, which entered in 1994 with a representative office in Sofia.
  • On November 24, 2006, Alpha Bank announced that an agreement had been reached with Anadolu Group to create a strong franchise in the Turkish financial sector. According to a press release, through this partnership, "Alpha Bank enters a rapidly developing sector in a large and fast growing market. The Anadolu Group is one of the preeminent industrial concerns in Turkey and is also the majority owner of Abank (Alternatifbank). The transaction is valued at USD 492.5 million (Euro 384.3 million). Alpha Bank will ultimately contribute a cash consideration equal to half of said amount. The two parties will jointly establish a fifty-fifty holding company whose assets consist of the shares currently owned by the Anadolu Group in both Abank and Alease (Alternatiflease), that is 94% and 95% stakes respectively. The holding company will also own, indirectly, 100% of the brokerage firm Alternatif Yatirim, 45% of the listed closed-end investment fund Alternatif Yatirim Ortkaligi, as well as the head offices of the bank and the brokerage company, situated in premium locations of Istanbul," the press release said.[5]
  • On March 27, 2008, Alpha Bank reached a deal to buy a majority stake in newly established OJSC Astra Bank[6] in the Ukraine as part of plans to expand in the region. Alpha Bank agreed to buy 90 percent of Astra Bank for 9 million euros.

In addition, Alpha Bank has a branch in London and a finance company, Alpha Finance US, in New York.

See also[edit]


  1. ^ a b c d e "Q3 Results". Alpha Bank. Retrieved 3 Dec 2014. 
  2. ^ Alkman Granitsas, Stelios Bouras and Nektaria Stamouli. (14 March 2012). "2nd UPDATE: Greece's Alpha Bank To Call Off Merger With Eurobank". The Wall Street Journal (Dow Jones & Company). 
  3. ^ Fabio Benedetti-Valentini and Elisa Martinuzzi (17 October 2012). "Credit Agricole Exits Greece Taking Profit Hit on Unit". Bloomberg. 
  4. ^ "Alpha Bank SA undertakes the deposits of three Cooperative Banks". Reuters. 8 December 2013. 
  5. ^ "Alpha Bank and Anadolu Group in partnership to expand in Turkish financial sector". 2006-11-24. Retrieved 2012-02-20. 
  6. ^ "Greece's Alpha Bank to buy Ukraine's Astra Bank". Reuters. 2008-03-27. Retrieved 2012-02-20. 

External links[edit]