Agreement signed for sale of AstroBank to Alpha Bank Group

An agreement has been signed for the sale of substantially all of AstroBank's banking assets and liabilities, including the transfer of its staff, to Alpha Bank Cyprus.

According to an AstroBank statement, the integration of its operations into the Alpha Bank group will significantly strengthen the group's strategic presence in Cyprus.

“Upon completion of the process, which is expected to take place within the fourth quarter of 2025 and subject to the required regulatory approvals, Alpha Bank Cyprus will emerge as the third-largest bank in the country”, the statement added.

The acquisition, it is noted, “opens up new horizons for AstroBank's employees and customers through Alpha Bank's international network, which is one of the largest and most reputable banking groups in Greece and Southeast Europe.”

The agreement, it is stated, “is a recognition of AstroBank's steady growth over the last four years, under the leadership of CEO Aristidis Vourakis and his team, and reflects confidence in the Cypriot economy and banking system.”

AstroBank’s CEO stated that “the signing of the agreement is an important milestone for AstroBank, its people and the Cypriot economy in general.”

The agreement, he said, “creates a strong banking organisation capable of responding even more effectively to market needs and contributing significantly to the growth of the Cypriot economy.”

“The enlarged bank will have increased financial capacity, an expanded network and expertise, and will be able to offer modern, competitive and reliable services to individuals and businesses,” he added.

In a separate press release, Alpha Services and Holdings S.A. also announced "the execution of the definitive Business Transfer Agreement for the acquisition of substantially all of AstroBank’s assets and liabilities."

It said, among other things, that the purchase price at the completion of the transaction "is estimated at no less than €205 million."

The completion, it added, "remains subject to the satisfaction of customary conditions precedent, including the obtaining of all necessary regulatory approvals and consents, and is anticipated within the fourth quarter of 2025."

Also read: Alpha Bank: The price for the acquisition of AstroBank is no less than €205 million