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GreeceBusinessAlpha Bank invests 430 million euros in transformation programme

Alpha Bank invests 430 million euros in transformation programme

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Alpha Bank will invest 430 million euros in a transformation programme currently underway and to implement its business plan, Vasilis Psaltis, the bank’s CEO said on Monday. Presenting the programme to the bank’s workers, Psaltis said: “We are changing Alpha Bank and together we are shaping the future of the banking business in Greece”. He noted that the transformation programme was a fundamental change for the bank and laid solid foundations for Alpha Bank to preserve its leading role in the Greek market.

The bank’s CEO said Alpha Bank will invest more than 120 million euros in technology, drastically enhancing web and mobile banking, which will become the main channel of sales and services. The transformation programme begun in April 2020 and it is scheduled to be completed in 2023. Among others, it envisages boosting productivity by 25 pct, reducing average time of pending work and operating risk and reducing operating cost by 60 million euros annually. In retail banking, the programme envisages raising capital revenue by 60 million euros and commission revenue by 65 million euros in four years, while in corporate banking, the programme envisages raising capital revenue by 200 million euros and commission revenue by 35 million euros by 2024.

SOURCE: AMNA

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