Europe
Greece
Alpha Finance
Alpha Credit Bank is described by one analyst as the "most aggressive new boy" in the Greek investment markets, competing against the big state-owned banks for business. It is a major primary dealer in government debt, having participated in all the auctions that have taken place, and is one of 13 market-makers. Alpha Brokerage, the brokerage arm, accounts for 6% of the group's total revenues.
Business for private banks in the Greek capital market has been hard to come by because the large public-sector utilities use the state banks. Analysts expect the private banks' position to improve as Greece liberalizes and the public sector gets smaller. The state banks will, however, take most of the fee revenue from any privatizations. Despite these impediments, Alpha has been appointed a joint adviser to the Greek government on the national gas-distribution project, and was heavily involved in the IPO...
