Filenews 25 June 2025
The third largest bank in Cyprus is created, with a strong financial base and growth prospects
AstroBank announced the signing of the agreement for the sale of substantially all of the Bank's banking assets and liabilities, including the transfer of its staff to Alpha Bank Cyprus.
With the integration of AstroBank's operations into the Alpha Bank Group, the Group's strategic presence in Cyprus is significantly strengthened.
Upon completion of the process, which is expected to take place within the fourth quarter of 2025 and following the required supervisory approvals, Alpha Bank Cyprus will emerge as the third largest Bank in the country.
The acquisition opens up new horizons for AstroBank's employees and customers, through Alpha Bank's international network, which is one of the largest and most renowned banking groups in Greece and Southeastern Europe.
The agreement is a recognition of AstroBank's steady growth trajectory over the last four years, under the guidance of Chief Executive Officer Mr. Aristides Vourakis and his team, while reflecting confidence in the Cypriot economy and its banking system.
Mr. Vourakis stated: "The signing of the agreement is an important milestone for AstroBank, its people, and the Cypriot economy in general. The agreement creates a strong banking organization, capable of responding even more effectively to the needs of the market and contributing substantially to the development of the Cypriot economy. The enlarged bank will have increased financial capacity, an expanded network and know-how, and will be able to offer modern, competitive and reliable services to individuals and businesses."
It is recalled that on February 27, 2025, AstroBank entered into a binding agreement with Alpha Bank Cyprus for the sale of almost all of its banking activities, including assets, liabilities and personnel. The Transaction is expected to be completed at a price of no less than €205 million.
