Davidson Kempner to acquire an 80% stake in Cepal from Alpha Bank.

Investment firm Davidson Kempner agreed to acquire an 80% stake in Cepal, the loan servicing unit of Alpha Bank, the second largest Greek bank by total assets. Financial terms were not disclosed. "We are excited to enter into a long-term agreement for Project Galaxy with Davidson Kempner, a highly experienced US investor. This is a turning point for our Bank as we are making a decisive step in dealing conclusively with the legacy asset quality issues from the long-lasting recession in Greece," Vassilios Psaltis, Alpha Bank CEO.