Alpha Bank to set up joint venture with Anadolu Group.

Alpha Bank to set up joint venture with Anadolu Group. Alpha Bank, a Greek bank, and Anadolu Group reached an agreement over setting up a 50-50 joint venture. Assets of the new holding company will consist of Alternatifbank and Alternatiflease shares which are currently held by Anadolu Group. Anadolu Group will transfer its stakes in Alternatifbank and Alternatiflease; 94% and 95% respectively, to this holding company. Alpha Bank will acquire a 50% stake in the new holding company for USD 246mn. The joint venture will also own 100% of Alternatif Yatirim, a brokerage house, and 45% of Alternatif Yatirim Ortakligi, an investment fund. The completion of Alpha’s acquisition is subject to finalization of due diligence and regulatory approvals and is expected to be completed in the first quarter of 2007, said a statement released by Alpha. Alpha is the third Greek bank entering the Turkish market. Earlier this year, National Bank of Greece (NBG) acquired Finansbank for USD 2.8bn and EFG Eurobank reached an agreement to buy a 70% stake in Tekfenbank for USD 182mn.