Latest news with #AlphaBankCyprus
Yahoo
04-03-2025
- Business
- Yahoo
Alpha Bank Cyprus to buy AstroBank in €205m deal
Alpha Services and Holdings, the parent company of Alpha Bank, has reached a binding agreement to acquire the majority of the assets, liabilities, and personnel of AstroBank Public Company. The transaction will be carried out through Alpha Bank Cyprus, a fully owned subsidiary of Alpha Holdings. The deal is valued at €205m($214.1m) and is part of the group's objective to strengthen its market presence and financial footprint in core markets. Once completed, Alpha Bank Cyprus will expand significantly, increasing its market share to around 10% in terms of total assets. This is also expected to position the company as the third-largest bank in Cyprus. The acquisition is expected to boost its loan portfolio by over 60%, its deposit base by around 70%, and its asset base by approximately 65%. On a fully phased-in synergies basis, Alpha Bank Cyprus anticipates doubling its recurring profitability, exceeding €100m in net income. The transaction will have a limited impact on Alpha Bank's Common Equity Tier 1 (CET1) ratio, with an estimated increase of about 40 basis points. Completion of the transaction is expected by the end of Q4 2025, pending finalisation of documentation and regulatory approvals. Alpha Bank, part of Alpha Services and Holdings, was founded in 1879 and offers financial services, including retail banking, SMEs and corporate banking, asset management, private banking, insurance product distribution, investment banking, brokerage, and real estate management. The parent company reported profit after income tax €654.1m for fiscal year 2024 and €164.9m for the Q4. "Alpha Bank Cyprus to buy AstroBank in €205m deal " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
MTV Lebanon
27-02-2025
- Business
- MTV Lebanon
Alpha Bank Cyprus Set to Acquire AstroBank
In a historic move for the Cypriot banking sector, Alpha Bank Cyprus is expected to announce, according to exclusive information, today or by tomorrow at the latest, the acquisition of AstroBank. This deal will create the third largest banking group in Cyprus, after Bank of Cyprus and Hellenic Bank, which was recently acquired by Eurobank. Negotiations between the two parties took place under conditions of absolute confidentiality, with information confirming that the deal has now been finalized, as the final details have been arranged. This development significantly strengthens Alpha Bank Cyprus's position in the local banking market, both in terms of customer base and geographic presence. After the acquisition, the consolidated banking organization will have: 26 branches 31 ATMs 700+ employees Alpha Bank Cyprus, which previously had 12 branches and 16 ATMs, is now acquiring AstroBank, which had 16 branches and 15 ATMs. This move is expected to enhance the capital base of the new banking entity, improving competitiveness and offering expanded options to customers. At the same time, the integration of the two banks' infrastructures may lead to operational synergies and increased efficiency.
