UniCredit Pays Over €600 Million for New Alpha Bank Stake

UniCredit SpA paid slightly more than €600 million ($677 million) to double its stake in Greece’s Alpha Services and Holdings SA, according to people familiar with the matter.

The Italian lender announced Wednesday that it bought a stake of around 9.7% in the Greek bank, bringing its total holding to nearly 20%. The transaction cost around €615 million, the people said, requesting anonymity as the details of the deal are not public.