Greece-based Alpha Bank is reportedly nearing an agreement with Citibank to acquire its retail banking operation in the country.
A Greek banking source was quoted by Reuters as saying that Greece’s bank bailout fund HFSF, a majority owner of Alpha Bank with 69.9% stake, has approved the deal.
Go deeper with GlobalData
"We’re close," one banking source said. "There are just some formalities left."
Earlier in February this year, Reuters reported that the two lenders are looking into a plan under which Alpha would acquire Citibank’s retail arm and wealth services.
Greece’s debt crisis has forced global lenders such as France-based Credit Agricole and Societe Generale to dispose of local units to Greek banks in recent years, according to the publication.
In 1964, Citibank began shipping and corporate lending operations in Greece and expanded into retail banking in the 1980s. The bank manages a network of nearly 21 branches throughout the nation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
