Local industrial and financial holding Alpha Finance and Austria ’s HYPO Investmentbank AG have signed an agreement for long-run partnership in the field of financial services. The two entities will apply for a banking licence before the central bank of Bulgaria . HYPO Investmentbank will hold the majority stake in the new bank, which will also offer services to other countries in Southeast Europe . Several months ago, the central bank has rejected the individual application of Alpha Finance for setting up a bank. HYPO Investmentbank will also acquire a minority stake in Financia Group of Alpha Finance through a capital hike. The deal will give the Austrians equity participation in Macedonia ’s Kapital Bank (previously known as Internacionalna Privatna Bank). Financia Group comprises the investment intermediary Bulbrokers, Bulbrokers Consulting, Alpha Asset Management, securitisation firm Alpha Credit, insurance broker Broker Inc, and Macedonia’s Capital Bank.

HYPO Investmentbank manages assets in the tune of EUR 9.3bn as of end-June. It comprises the commercial bank HYPO Landesbank, the leasing company HYPO-Leasing, the construction consultant HYPO-Bauplan, and the asset management company HYPO Capital Management.