Alpha Bank has agreed to acquire Astrobank for approximately €200 million, a move that will create the third-largest banking institution in Cyprus.
The acquisition represents a strategic expansion by the Greek banking group in the Cypriot market. Official announcements confirming the details of the agreement are expected.
Currently, Alpha Bank Cyprus operates 12 branches with 16 ATMs and employs 374 staff members, while Astrobank maintains 14 branches, 15 ATMs, and a workforce of 411 employees.
Upon completion of the acquisition, which remains subject to necessary regulatory approvals, the consolidated banking organisation will operate 26 branches and 31 ATMs, with a combined workforce exceeding 700 employees.
Alpha Bank’s presence in Cyprus dates back to 1998, when it acquired Lombard Natwest Bank, which was subsequently renamed Alpha Bank Limited and later Alpha Bank Cyprus Ltd. This latest acquisition significantly expands its market footprint.
Astrobank Public Company Limited, a licensed credit institution established in 2008 and supervised by the Central Bank of Cyprus, emerged following the acquisition of Piraeus Bank Cyprus.
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