Alpha Bank Cyprus to acquire Astrobank Cyprus for € 200 million

Alpha Bank has entered into a binding agreement to acquire AstroBank for approximately € 200 million, aiming to establish the third-largest banking institution in Cyprus. The acquisition will be executed through Alpha Bank's subsidiary, Alpha Bank Cyprus Ltd, and is anticipated to conclude later in the 2025, pending regulatory approvals.

 

AlphaBank

AstroBank currently operates 15 branches, managing deposits of € 2.2 billion and loans totaling € 800 million. Post acquisition, it will oversee the combined operations of the two banks, including 26 branches and 31 ATMs, supported by a workforce exceeding 700 employees.

This strategic move is projected to enhance Alpha Bank Group's profitability, with the integrated operations expected to contribute over € 100 million annually in recurring net profits. The acquisition is also anticipated to result in a 5% increase in Earnings Per Share (EPS) and a 60-basis-point improvement in Return on Tangible Equity (RoTE).

Alpha Bank's presence in Cyprus dates back to 1998, following the acquisition of Lombard Natwest Bank, which was subsequently renamed Alpha Bank Limited and later Alpha Bank Cyprus Ltd. This latest acquisition underscores Alpha Bank's long-term commitment to the Cypriot market.

Alpha Bank Greece is one of the country’s four systemic banks, alongside National Bank of Greece, Piraeus Bank, and Eurobank. With a strong presence in both retail and corporate banking, Alpha Bank plays a key role in the Greek financial system. It is headquartered in Athens and operates an extensive network of branches and digital services across Greece.

Sources:

Greek Alpha Bank agrees to buy Cypriot Astrobank   27 February 2025

Alpha Bank to acquire Astrobank for € 200 million, forming Cyprus’s third-largest bank 27 February 2025

New major bank deal: Alpha Bank to acquire Astrobank for € 205m  28 February 2025