The best banks in 2014 from western Europe

Alpha Bank is The Banker’s Bank of the Year 2014 in Greece. The lender has undergone an impressive recovery with net profits reaching €2.9bn in 2013, compared with 2012’s €1.1bn loss, while assets have also increased by 26.5%.

Alpha Bank acquired and integrated the fully capitalised Emporiki Bank in 2013, which saw 82 branches merged in 2013 and another 24 in the first two months of 2014, as well as €54m of cost synergies, exceeding Alpha Bank’s initial target.

Following our successful recapitalisation in 2013, and the subsequent capital raising in the first quarter of 2014, Alpha Bank’s capital base was further strengthened, facilitating the full repayment of the Hellenic Republic’s preference shares,” says Demetrios P Mantzounis, CEO at Alpha Bank

Within an improving economic environment, our superior performance on the European Central Bank’s comprehensive assessment clearly positions Alpha Bank as the stand-out Greek bank for our best-in-class capital base and demonstrates our ability to become a key pillar to the revival of the Greek economy.”

In June 2014, Alpha Bank also took over Citibank’s Greek retail banking business, including Diners Club of Greece. The acquired operations comprised Citi’s wealth management unit with about €2.1bn of assets under management, net loans of €400m, as well as a retail network of 20 branches, servicing 480,000 customers. 

The recent acquisition of Citi’s retail operations enhances Alpha Bank’s status as a leading financial institution in Greece and complements our offering to our affluent customer base,” says Mr Mantzounis.

Over the next quarters, we will focus on delivering our restructuring plan targets and restoring the group’s profitability, aiming at full privatisation,” says Mr Mantzounis. “Our strategy targets above-average returns for our shareholders.

Article Source: ”thebanker.com”
Image Source: Unsplash.com/Floriane Vita

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