Alpha Services and Holdings S.A.

M&A Activity • May 27, 2025

Alpha Services and Holdings announces that its 100% subsidiary Alpha Bank SA and ELTA have signed a Memorandum of Understanding for a Strategic Partnership to provide financial services across Greece [27.05.25]

Alpha Services and Holdings announces that its 100% subsidiary, Alpha Bank SA, and ELTA have signed a Memorandum of Understanding for a Strategic Partnership that will support the delivery of comprehensive financial services through ELTA's extensive network of 1100 service points across Greece. The collaboration aims to promote financial inclusion by improving physical access to diversified banking services across urban and rural Greece, benefiting more than one million citizens.

The partnership also represents an important pillar in ELTA's transformation roadmap, enabling the company to expand beyond its traditional postal and parcel services into offering modern, customer-focused financial solutions.

ELTA, as part of their restructuring and growth strategy, are opening their network to all Greek banks for daily banking services, including account opening, withdrawals, deposits and other payments. In the same context, ELTA and Alpha Bank are entering into a Strategic Partnership for the provision, on an exclusive basis, of a wide range of value adding banking products and services, facilitating financial inclusion across the country for households and small businesses. The offering will include deposit products, payments and fund transfers, loans, insurance, and other financial solutions, ensuring a holistic banking experience for ELTA customers. Services are expected to be rolled out gradually across all ELTA service points, from the second half of 2025. The collaboration will, at a later stage, expand into e-commerce and logistics, integrating Alpha Bank's financial products into the new solutions ELTA plans to offer its customers.

This partnership reinforces Alpha Bank's commitment to financial inclusion, ensuring equal access to services for Greek individuals and businesses, regardless of location. At the same time, the collaboration significantly expands Alpha Bank's physical presence, enabling the delivery of banking services through more than 1,400 service points nationwide, leveraging the combined reach of both Alpha Bank and ELTA.

Vassilios Psaltis, Chief Executive Officer of Alpha Bank Group, said: "We are excited to embark on this strategic partnership with ELTA, as it marks another significant milestone in our mission to promote financial inclusion. By joining forces, we are ensuring that even the most remote communities will have access to essential banking services, thereby fostering economic growth and improving quality of life for all Greeks. In addition, this partnership will create material opportunities for Alpha Bank to offer an extensive range of products to a wider pool of individuals, small and medium-sized businesses, therefore opening new, diversified sources of liquidity and revenue. The collaboration is expected to be value-accretive for both parties and is fully aligned with our strategic commitment to delivering long-term sustainable returns to all our stakeholders."

The collaboration represents a crucial element of ELTA's transformation journey. By partnering with Alpha Bank, ELTA will be able to offer modern banking services through its network, evolving its role in Greek society, in line with global best practices. As ELTA strengthens its presence in areas adjacent to its core business, including local and international logistics and e-commerce, the collaboration with Alpha Bank will create further opportunities.

Gregory Sklikas, Chief Executive Officer of ELTA, said: "Our partnership with Alpha Bank is a transformative step for ELTA, enabling us to offer a comprehensive suite of modern banking services to our customers. By integrating these services into our network, we are not only enhancing the value we provide to our customers, but also contributing to the economic prosperity of regions that have long been underserved. We continue evolving ELTA in line with our vision and we believe our collaboration with Alpha Bank will help us accelerate this journey."

Completion of the Partnership is subject to the finalization of the transaction documentation and to the satisfaction of customary conditions precedent, including obtaining all necessary regulatory approvals and consents.