Alpha Bank reinvests 22m euros of its profit

Alpha Bank has operated a capital increase by 78.5 million RON (equivalent to a little more than 22 million euros), by incorporating reserves set up from the net profit. In the wake of this operation, the bank’s share capital rose to 535.4 million RON (152 million euros). “In the last five years, the Alpha Bank group consistently decided to keep Romanian profit in for reinvestment, thus showing how important the local market is to us. We will continue to invest in developing our branch network so as to reach 150 by 2008, as well as in improving products and services,” Radu Ghetea, executive vice-chairman of the bank, told ZF. By the end of this year, Alpha has planned to reach 70 branches. “Two strategic business lines are investments in real estate projects both for developers and for clients, and personal credits,” Ghetea adds. The bank has been very active on the market of real estate projects lately and has also aggressively promoted mortgage credits. ZF