ATHENS, Oct. 23 (Xinhua) -- The Greek government welcomed on Monday the announcement of a strategic partnership between two systemic banks of Greece and Italy.
Milan-based UniCredit S.p.A and Athens-based Alpha Services and Holdings S.A. (parent of Alpha Bank S.A.) have agreed to establish a strategic partnership in Romania and Greece, Greek national news agency AMNA reported.
The merger of UniCredit Romania with Alpha Bank Romania S.A. will create the third largest bank in the local market with a combined 12 percent market share by total assets.
In addition, they agreed to the purchase by UniCredit of a 51 percent stake in AlphaLife Insurance Company S.A., a subsidiary of the Greek lender.
"After several years, a large European bank is investing in the Greek banking system," National Economy and Finance Minister Kostis Hatzidakis said in an e-mailed press statement.
The step is perceived as proof that it is recognized internationally that the Greek economy and the banking system have left behind the financial crisis of the previous decade and are on a growth path with good prospects, he commented.
The agreement reflects the increased credibility of the Greek economy in the last few years, certified by four credit rating firms so far, which offered an investment grade rating to Greek state bonds, Bank of Greece Governor Yannis Stournaras said in his e-mailed press release.
"Both banks deserve congratulations for the systematic job they did to reach this significant agreement, which does not cover just Greece and Italy, but the whole of the eurozone," he said.
