Paulson, BlackRock to Back Capital Hike for Greece’s Alpha
- Lender seeks $955 million in capital in plan set for next week
- Alpha eyes balance sheet boost and role in restarting economy
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Billionaire John Paulson, Schroders Plc and BlackRock Inc. are among the investors planning to participate in an 800 million-euro ($955 million) capital increase by Greek lender Alpha Bank set to run next week, people familiar with the matter said.
The investors are betting the fresh capital will help Alpha strengthen its balance sheet and play a key role in funneling money from the European Union’s recovery program to borrowers. Greece is set to get 7.5 billion euros this year, out of a total 30.5 billion euros alloted through 2026, to support an economy decimated by the decade-long debt crisis and more recently the pandemic.