Alpha Bank has completed the acquisition of essentially all assets and liabilities of AstroBank through its subsidiary Alpha Bank Cyprus Ltd and other Group entities, after receiving all required supervisory approvals. The transfer was executed under the Law on the Transfer of Banking Business and Securities (N.64(I)/1997). As of 31 October 2025, Alpha Bank Cyprus assumes the assets and obligations transferred under the deal first signed on 24 June 2025.
Market Position
With completion, Alpha Bank Cyprus becomes the third-largest bank in Cyprus, holding total assets above €6.6 billion, a loan book exceeding €2 billion, and deposits over €5.6 billion. The bank says the enlarged scale significantly strengthens its ability to serve retail, business, and institutional customers.
Strategic Rationale
The transaction bolsters Alpha Bank’s capital and operating base in Cyprus, creating a more resilient and competitive organisation. By integrating AstroBank’s staff and branch network, Alpha Bank Cyprus enhances service capacity, expertise, and human capital. Leveraging the Alpha Bank Group’s scale, the bank plans further investment in innovation, technology, and operational excellence to deliver higher-value products and services.
The development aligns with Alpha Bank’s strategy to pursue organic and inorganic growth in Southeast Mediterranean markets and, via its strategic cooperation with UniCredit, to act as a bridge with Europe to facilitate capital flows, investment, and business opportunities.
Alpha Bank Cyprus CEO Miltos Michaelas called the deal a strategic milestone that creates a bank of meaningful scale with a strong capital base and a clear aim to be a reliable, modern, and efficient partner for customers. He thanked the teams at Alpha Bank Cyprus and AstroBank for their work and said the bank will support growth financing, promote innovation, and back sound entrepreneurship that adds value to the economy and society.
Group Announcement and Financial Impact
Alpha Bank S.A. stated that its 100 percent indirect subsidiary Alpha Bank Cyprus Ltd and other Group entities have completed the acquisition of AstroBank’s assets and liabilities and the transfer of its personnel. The agreement’s key commercial and business terms were first announced on 27 February 2025.
The Group expects the deal to lift Earnings per Share by about 5 percent once synergies are fully realised, with a limited impact on the Group’s Common Equity Tier 1 (CET1) ratio of roughly 40 basis points. The transaction is described as fully consistent with Alpha Bank S.A.’s objective to strengthen its market presence and financial position in Cyprus.