Greece's Alpha Bank SA said Thursday it agreed to pay US$246.3 million (¤190.15 million) for a 50 percent stake in a joint banking venture with Turkey's Anadolu Group, majority owner of Alternatifbank, AP reported. Alpha Bank said the joint venture Alternatifbank, also known as Abank, will offer services to both business and retail customers. The transaction is the third major venture this year by Greek banks into the neighboring Turkish market following years of bad relations between the two countries. Greece has in recent years been one of the most ardent supporters of Turkish membership in the European Union. In May, Greece's EFG Eurobank Ergasias agreed to buy a 70 percent stake in Turkey's Tekfenbank for US$182 million (¤140.51 million). In April, the National Bank of Greece said it would buy a 46 percent stake in Finansbank for ¤2.3 billion (US$2.98 billion). Alpha Bank is the third largest bank in Greece with ¤48 billion (US$62.17 billion). Listed on the Athens Stock Exchange, it has a market market value of ¤10 billion (US$12.95 billion). Listed on the Istanbul Stock Exchange, Abank is a middle-sized Turkish Bank with 30 branches and ¤1 billion (US$1.3 billion) in assets.
