Alpha Services and Holdings S.A. officially announced the completion of the acquisition of AstroBank. Specifically, its 100% indirect subsidiary, Alpha Bank Cyprus, proceeded to sign the final Business Transfer Agreement with AstroBank for the acquisition of substantially all assets and liabilities, as well as AstroBank’s personnel. This change is expected to catapult it to become the third largest bank in Cyprus.
The announcement from Alpha Services and Holdings S.A.
Alpha Services and Holdings S.A. announces the signing of the final Business Transfer Agreement for the acquisition of substantially all assets and liabilities of AstroBank [24/6/2025] Alpha Services and Holdings S.A. (the “Alpha Holdings”) announces that its 100% indirect subsidiary, Alpha Bank Cyprus Ltd (the “Alpha Bank Cyprus”), proceeded to conclude the final Business Transfer Agreement with AstroBank Public Company Limited (the “AstroBank”), for the acquisition of substantially all assets and liabilities, as well as AstroBank’s personnel (the “Transaction”).
This milestone follows the agreement on the key commercial and legal terms of the Transaction, which was announced on February 27, 2025.
The Transaction is fully aligned with Alpha Holdings’ strategic objective to strengthen its market presence and financial position in Cyprus. Upon completion of the Transaction, Alpha Bank Cyprus is expected to establish its position as the third largest bank in Cyprus, with a significant increase in its recurring profitability. Specifically, as announced on February 27, 2025, the Transaction is expected to increase Alpha Holdings’ Earnings per Share (EPS) by approximately 5%, taking into account the fully integrated synergies to be generated, while having a limited impact on Alpha Holdings’ Common Equity Tier 1 (CET1) ratio of approximately 40 basis points.
The consideration to be paid upon completion of the Transaction (the “Completion”) is estimated at at least 205 million euros. Completion is subject to the satisfaction of customary suspensive conditions, including receipt of all necessary supervisory approvals and consents, and is expected within the fourth quarter of 2025.
