A major development in the Greek banking sector has taken place with Italy’s UniCredit acquiring a stake of nearly 20% in Alpha Bank, becoming its largest shareholder. The transaction marks a significant cross-border investment, and at the center of its regulatory pathway was the Governor of the Bank of Greece, Yannis Stournaras.
Though formally responsible for regulatory oversight, Stournaras has drawn attention for his role in the procedural timeline of the deal—particularly in relation to the Dutch investment firm Reggeborgh Invest, which held a 9.75% stake in Alpha Bank since 2021 and had sought to increase its position.
To proceed with such a move, the firm required a “qualifying holding” certificate, a standard mechanism under European banking regulations that confirms an investor’s suitability to hold a substantial stake in a financial institution. While the final approval is issued by the European Central Bank’s Single Supervisory Mechanism (SSM), the process begins at the national level. The Bank of Greece is tasked with verifying that an application is complete before the ECB can begin its formal review—a stage that triggers a 60-business-day timeline for assessment.
In Reggeborgh’s case, the Bank of Greece did not grant this completeness designation for over a year. Reports indicate that the delay stemmed from regulatory due diligence. This prolonged uncertainty reportedly influenced Reggeborgh’s decision to sell its entire stake—amounting to 229 million shares—for €618.3 million, securing a profit of over €320 million. The exit created the opportunity for UniCredit to enter as a strategic investor.
Following the announcement of the UniCredit deal, Governor Stournaras stated that the approval process for Reggeborgh’s application had been proceeding according to schedule and that a decision was expected by June. However, sources suggest that this timeline had not been communicated to the Dutch investor in advance.
The episode has drawn comparisons to a separate case from October 2023, when the Bank of Greece approved a qualifying holding for Thrivest Holding Ltd—a Cyprus-based investment vehicle backed by Greek businessmen—allowing it to acquire Pancretan Bank. That approval was granted in a relatively short timeframe. Regulatory criteria for such approvals typically include the investor’s reputation, professional competence, financial stability, leadership suitability, and compliance with anti-money laundering standards.
Commenting on the UniCredit transaction, Governor Stournaras described it as an example of the direction the European Union should pursue in the banking sector—namely, encouraging economies of scale through cross-border partnerships between established credit institutions. His statement appeared to emphasize institutional banking alliances over private investment vehicles.
Stournaras’s perspective may be shaped by his experience as CEO of Emporiki Bank during the early 2000s, when the Greek lender partnered with France’s Crédit Agricole. While such partnerships were once seen as strategic, the current financial landscape—marked by fintech innovation and digital disruption—has prompted broader debate about the future structure of the banking industry.
