Mr. Nikos Salakas, Chief of Corporate Center and General Counsel of Alpha Bank, highlighted the critical role of mergers and acquisitions (M&As) as a catalyst for strengthening the competitiveness of the Greek economy, in the context of his participation in the Money Review M&A Summit.
As he stated, the Greek economy is currently among the fastest-growing in the European Union, having reached pre-crisis levels for the first time after 17 years.
However, as the other economies in the EU have moved forward, convergence with the European average requires continued effort.
To achieve this goal, attracting foreign investment and further consolidation in the Greek market are required, since, with limited exceptions, Greek companies still do not have the economic size to assume the role of "national champion" and also contribute substantially to the growth of the economy.
A decisive prerequisite for the continuation of growth, according to Mr. Salakas, is the existence of strong and resilient banks. "If we want to maintain our growth trajectory, we must attract foreign investment, but also pursue further consolidation in the Greek market in order to create greater scale to increase competitiveness.
To achieve this, we need strong and resilient banks," he said characteristically
Alpha Bank's triple role
In this environment, Alpha Bank plays a leading triple role in the practical strengthening of the competitiveness of the Greek economy and businesses:
- As a vehicle for attracting foreign direct investment (Foreign Direct Investment), Alpha Bank succeeded in attracting UniCredit's investment in 2023, one of the largest banking groups in Europe, 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, in more than 13 markets where UniCredit operates.
- As a vehicle for consolidating the financial services market (market consolidator) through targeted acquisitions and partnerships over the last two years (FlexFin, Axia, AstroBank, Alpha Trust, Insurance Companies of Cyprus, etc.), which strengthen the Bank's existing teams, with the aim of creating a leading Group of banking, investment and insurance services in SE Europe and
- As a financier and advisor of complex transactions and large-scale projects, with integrated solutions that combine financing, expertise and access to the markets. Recent examples include the financing of the acquisition of DEDDIE by Macquarie or of Bally by Intralot, as well as large-scale infrastructure projects in Greece, such as the extension of Attiki Odos and Athens International Airport, as well as the BOAK in Crete.
Finally, Mr. Salakas concluded his remarks with a stern observation: "In a world where every country competes to attract capital and investment, Greece cannot win the battle with instability and delay. It needs a stable tax and legal framework, a strong track record in the implementation of major projects, and banks capable of financing them. These are not intentions of goodwill, they are the necessary terms set by the market itself, which we must safeguard," he concluded characteristically.