GREECE: Alpha Bank in deal over NPLs, takes over Emporiki Cyprus

Fourth-largest lender Alpha Bank will launch a joint venture with Spanish financial services firm Aktua Soluciones Financieras, an offshoot of Santander, to manage a substantial chunk of its non-performing loans.

Alpha and Greece's other big banks remain burdened by large problem loan portfolios after a deep recession which pushed the jobless rate to nearly 27%, and they continue to make provisions for impaired credit.
The joint venture, Aktua Hellas, will be 45% owned by Alpha and 55% by Aktua, and will “accelerate friendly resolutions and reach consensual and non-judicial solutions.”
Alpha's non-performing loans stood at 33.6% of its loan book at the end of September.
Aktua specialises in loan, property and facility management with 14.2 bln euros of assets under management.
The news follows a transaction earlier in December where Alpha Bank raised more than $500 mln backed by shipping loans, while its Cyprus subsidiary announced the acquisition of Emporiki Bank Cyprus.
"Alpha Bank Cyprus will acquire from Alpha Bank A.E. 100% of the issued capital of Emporiki Bank Cyprus and will then proceed with the merger of Emporiki Bank Cyprus and Alpha Bank Cyprus," an announcement said.
Alpha Bank Cyprus currently holds a market share of about 4.5% in terms of deposits and 5.5% based on loans of the domestic market.