Bird & Bird advises OTP on strategic acquisition of Alpha Bank
International law firm Bird & Bird has advised Hungary’s OTP Bank Group on its strategic acquisition of 100% stake in Alpha Bank, the Albanian subsidiary of the Greek Alpha Bank S.A., for 55 million EUR. Alpha Bank is the 8th largest bank in Albania with a market share of nearly five percent by assets, and as a universal bank, it is active in both the retail and corporate sectors.
The deal creates a leading banking group in Albania, which will hold shares of about 11% of the market based on assets. With this transaction, OTP cements its position as one of the most important players on the Albanian market and continues to grow its presence in Central and Eastern Europe (CEE).
Pál Szabó, co-head of country and head of the Corporate practice in Hungary at Bird & Bird, comments: “We are delighted to have had this opportunity to support our longstanding client OTP on this strategically important deal. It’s exciting working alongside them as they move forward with their ambitious growth strategy across the region. This transaction represents a significant move by one of the top financial institutions in CEE.”
Eszter Gál, associate at Bird & Bird, adds: “Bird & Bird has advised on many of the most important M&A transactions in the financial sector in Hungary and CEE over the years. This transaction showcases our ability to deploy a strong and experienced team to successfully deliver a high-profile investment for our client.”
Dávid Spiegel, M&A Advisor of OTP, comments: “Bird & Bird was an integral part of our deal team, and we want to thank them for their comprehensive legal support. We are grateful to the entire team at Bird & Bird for their dedication and expertise throughout this process. Their strong capabilities in cross-border transactions and in highly regulated sectors such as the banking sector, and their professional approach were among the key factors for the successful and smooth delivery of the transaction.”
Bird & Bird’s core team consisted of Pál Szabó (partner, Corporate) and Eszter Gál (associate, Corporate), with support from Dániel Arányi (counsel, EU & Competition), Dária Szabó (senior associate, Corporate) and Gábor Kutai (senior associate, EU & Competition). Bird & Bird partnered with Albanian law firm Boga & Associates.