Alpha Bank A E : enters into a long term bancassurance partnership with Generali

Press Release

Athens, December 31, 2020

Alpha Bank enters into a long term bancassurance partnership with Generali

Alpha Bank S.A. ("Alpha Bank") has agreed to enter into a new exclusive distribution agreement with Assicurazioni Generali ("Generali") for the sale of non-life and health insurance products through its distribution channels. The agreement will have an initial term of twenty years and will focus on an ambitious digital and growth strategy.

The new partnership leverages the consolidation of AXA's Greek operations into Generali, a significant investment by an international insurance company in Greece, through which Generali strengthens its strategic position in the country and becomes a leading player (#2) in non-life and (#3) health.

Bancassurance distribution is a core strategic growth pillar for Alpha Bank. It is envisaged that the new partnership will be a key enabler for the acceleration of the Bank's bancassurance ambitions. Generali's focus on technology and digital channels is highly compatible with Alpha Bank's focus on upgrading the level of service to its customer base and achieving fast and seamless distribution, with a target of c.75% of total sales expected to be effected through digital channels at the end of the period and the cross sale ratio increasing to c.1.8x, thus doubling penetration rates. Alpha Bank is targeting a significant increase of annual premiums and corresponding commissions in the lifetime of the new partnership, while creating further value through performance earnouts agreed with Generali.

Vassilios Psaltis, CEO of Alpha Bank, said: "The new agreement with Generali is testament to the focus of Alpha Bank on improving its competitive position in the bancassurance space. Setting in place and nurturing strategic partnerships with global market players has been a core strength of Alpha Bank for the past two decades.

We welcome Generali and look forward to a mutually beneficial partnership. We thank AXA Group for an excellent cooperation to date, based on mutual trust and respect, and we wish them all the best in the implementation of their new strategic priorities."

Jaime Anchústegui Melgarejo, CEO International of Generali, said: "This acquisition is fully aligned with the Generali 2021 strategy, which aims to strengthen our leadership in Europe. With the purchase of AXA Greece and the exclusive long term distribution agreement with Alpha Bank, Generali decidedly strengthens its position in the local market, becoming the second largest group in the non-lifeand the third in the health sector in Greece.

The transaction will enable us to optimize our strategic positioning in the country, allowing for a multi- channel, dynamic business and securing valuable, significant economies of scale for a more effective and efficient overall operation."

PWC acted as exclusive financial advisor and Moratis-Passas law firm acted as legal advisor to Alpha Bank on this transaction.