Nikos Salakas, Chief of Corporate Center and General Counsel at Alpha Bank, highlighted the crucial role of mergers and acquisitions (M&As) as a catalyst for strengthening the competitiveness of the Greek economy during his participation in the Money Review M&A Summit.
As he noted, the Greek economy is currently among the fastest-growing in the European Union, having reached pre-crisis levels for the first time in 17 years.
However, as other EU economies have moved forward, convergence with the European average requires continued effort.
To achieve this goal, it is necessary to attract foreign investment and further consolidate the Greek market, as, with limited exceptions, Greek companies still lack the financial scale to assume the role of “national champions” or to contribute substantially to economic growth.
According to Mr. Salakas, a key prerequisite for continued growth is the existence of strong and resilient banks. “If we want to maintain our growth trajectory, we must attract foreign investment and also pursue further consolidation in the Greek market to create greater scale and increase competitiveness.
“To achieve this, we need strong and resilient banks,” he said.
Alpha Bank’s Threefold Role
In this environment, Alpha Bank plays a leading triple role in actively strengthening the competitiveness of the Greek economy and businesses:
- As a facilitator of foreign direct investment (FDI), Alpha Bank succeeded in attracting an investment from UniCredit in 2023—one of Europe’s largest banking groups—which has now reached 1.7 billion euros.
Through this strategic partnership, the Bank and its customers gain access to one of Europe’s leading banking platforms, across more than 13 markets where UniCredit operates.
- As a market consolidator in the financial services sector through targeted acquisitions and partnerships over the past two years (FlexFin, Axia, AstroBank, Alpha Trust, Cyprus Insurance, etc.), which strengthen the Bank’s existing teams, with the aim of creating a leading group of banking, investment, and insurance services in Southeast Europe; and
- As a financier and advisor on complex transactions and large-scale projects, offering integrated solutions that combine financing, expertise, and market access. Recent examples include the financing of Macquarie’s acquisition of HEDNO and Intralot’s acquisition of Bally, as well as large-scale infrastructure projects in Greece, such as the expansion of the Attica Tollway and Athens International Airport, as well as the Crete Coastal Highway (BOAK).
Finally, Mr. Salakas concluded his remarks with a stark observation: “In a world where every country is competing to attract capital and investment, Greece cannot win the battle with instability and delays. It needs a stable tax and legal framework, a strong track record in implementing major projects, and banks capable of financing them. “These are not mere expressions of good will; they are the essential conditions set by the market itself, which we must uphold,” he concluded emphatically.