Alpha Services and Holdings S.A., parent company of Alpha Bank S.A., announces the appointment of Mr. Dimitris Tsitsiragos as Chairman of its Board of Directors and of the Board of Directors of Alpha Bank S.A..
Mr. Tsitsiragos, following the completion of the supervisory assessment process by the European Central Bank, will assume his duties as of January 1, 2025. He succeeds Professor Mr. Vasileios Rapanos, who has led the Board for over 10 years, contributing decisively to the Group’s recovery and modernization.
The appointment of Mr. Tsitsiragos reflects Alpha Bank’s outward-looking approach, as it moves beyond the legacy of the fiscal crisis, focusing on providing modern services to its clients and creating value for its shareholders, employees, and society.
Mr. Tsitsiragos has extensive experience in international financial institutions, having worked in international financing and investments for more than three decades.
His professional career includes an extensive tenure at the International Finance Corporation (IFC), part of the World Bank Group, where he worked for 28 years in progressively senior roles in the United States, Europe, South Asia and the Middle East – North Africa, reaching the position of Vice President of the organization. He also served as Senior Advisor for Emerging Markets at PIMCO and held non- executive positions on the boards of organizations such as the Infrastructure Development Finance Company (IDFC) in India and the Commercial Bank of Ceylon (CBC) in Sri Lanka. In July 2020, he was elected as an Independent Non-Executive Member of the Board of Directors of Alpha Services and Holdings and of Alpha Bank, and from July 2020 he served as Member of the Risk Management Committee. From August 2023, he served as Chairman of the Remuneration Committee. He is also a member of the Board of Directors of Titan Cement International.
He holds a degree in Economics from Rutgers University, an MBA from George Washington University, and has completed the Executive Development Program at Harvard Business School.
In anticipation of his new role, Mr. Tsitsiragos commented:
“It is an extraordinary honor and responsibility to assume the Chairmanship of the Board of a Group with a 145-year history, and, most importantly, a Group that has the ambition and determination to continue leading the way, supporting progress in life and business for a better tomorrow.
The sense of responsibility is even greater as I succeed a distinguished figure who has left an indelible mark as a professor, academic, and, of course, as the leader of large organizations. The handling of the crisis’ consequences, during a period of unprecedented turmoil for the Greek economy and the banking sector, and the return of Alpha Bank to a path of growth and profitability, is a task that was completed under the Presidency of Mr. Vasileios Rapanos, to whom I am grateful for his guidance and support during the four years we served together on the Bank’s Board.
On this strong foundation of resilience, we are building a new Bank, more outward-looking, modern, and efficient.”
The outgoing Chairman, Mr. Vasileios Rapanos, stated:
“After ten years and seven months at the helm of Alpha Bank’s Board of Directors, the time has come for me to step down. It is true that in recent days, I have often reflected on the day our late Chairman, Yannis Kostopoulos, asked me to succeed him as Chairman of the Bank’s Board. I will forever be grateful to him.
Throughout this period, we faced unprecedented situations and major challenges. Thanks to the hard work and dedication of the employees and executive team, we were able to overcome all difficulties, and today, the Bank has returned to normal operations, providing modern services to its clients. Significant changes have also been made to corporate governance, which have greatly improved the Bank’s operations and made it more resilient to potential shocks.
Over these years, I have learned a lot. I met incredible people. Together, we shared successes, challenges, and setbacks, in the effort to create a bank marked by innovation, dynamism, and respect for clients and employees. A bank that contributes to the economy’s growth and is also marked by social sensitivity, serving the values of our culture.
At the end of my tenure, I would like to thank many people who have helped me significantly in carrying out my duties. However, I would like to particularly mention two: Mr. Dimos Mantzounis for the creative collaboration we had during a particularly challenging time, and I express my deep appreciation for his love for the Bank and his humanitarian spirit. I also want to thank the CEO, Mr. Vassilis Psaltis, for his hard work and the spirit of understanding he has demonstrated, which has resulted in a very successful and productive collaboration with the Board.
I also express my gratitude to all members of the Board, the Executive Committee members, senior executives, and all employees for their hard work, respect, and trust in me, and for their integrity.
Finally, I feel it is my duty to welcome the new Chairman, Mr. Dimitris Tsitsiragos. I am confident that with his experience, knowledge, and character, he will make a significant contribution to further improving the Bank’s corporate governance and operations.”
The Bank’s Board of Directors and Executive Committee welcome Mr. Tsitsiragos as the new Chairman of the Alpha Bank Group and wish him every success in his new role, while also expressing gratitude to Mr. Vasileios Rapanos for his invaluable contributions over the past decade.
