Alpha Bank (ALBKY.PK) said that it reached a definitive agreement with Citibank International plc and Citibank Overseas Investment Corporation for the acquisition of Citi's Greek retail banking business, including Diners Club of Greece.
As per the agreement, the acquired operations comprise Citi's wealth management unit with customers' assets under management of about 2.1 billion euros, out of which deposits of about 1.0 billion euros, net loans, mainly credit card balances, of 0.4 billion euros, as well as a retail branch network of 20 units which serves 480 thousand clients.
As a result of the acquisition approximately 730 highly skilled employees working for Citi's retail operations will be transferred to Alpha Bank.
Alpha Bank also entered into a partnership with Diners Club, a high quality brand, thus further enhancing its position in the card and payments business.
The transaction is capital neutral, will be consummated at a nominal consideration of 2 million euros and is expected to positively contribute to the pre provision income of the Bank from the first year of the acquisition and improve the Bank's liquidity ratios.
Completion is expected within third-quarter 2014, following receipt of applicable approvals. The transaction is subject to customary terms and conditions, including closing balance sheet reviews.
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