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Alpha Bank: Share Capital Increase In Spring 2012

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Alpha Bank’s share capital increase will take place in spring 2012, according to Ioannis Kostopoulos, Alpha’s executive president. The amount of increase will be determined then. 

Speaking to the bank’s shareholders, Kostopoulos said that the problem is not “wrong” loan but bonds and funding of public sector. 

The merger with Eurobank will define a new beginning, said the president, who hopes the mess would be tided away with the new government.  

He admitted however that it is unlikely that the stock prices would increase to previous years’ levels, adding that there is an international speculative play going on, “all bet on further decline of Greek prices”. 

Ioannis Kostopoulos stated “we are joining forces with Eurobank to become one of the largest banks in the Balkans and Europe”. He expressed hopes that something could change in the Greek economic environment, stressing that “if thing get started, there would be a great change in stock prices”.

“We this hope, I believe that the share capital increase would be fully covered, and Qatar will help us in this in order to turn the page in two or three years”, he said. 

“This merger will make the difference for Greece”, he concluded. 

The second repeat of the General Meeting, with quorum of 41.4%, approved the merger of two banks and authorized the board to undertake all necessary actions for both the share capital increase and the merger.

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