Alpha Bank announces merger of Altius Insurance and Universal Life in Cyprus [Yahoo! Finance]
ALPHA SVCS & HLDGS S/ADR (ALBKY)
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Source: Yahoo! Finance
forming one of the country's top three insurance groups in both life and non-life sectors. The agreement involves Universal Life Insurance Public Company and Altius Insurance, and is expected to secure a leading position for the combined entity in the accident and health segment of the Cypriot insurance market. The agreement covers Alpha Bank's acquisition of all issued share capital in Altius Insurance from its shareholders. Alpha Bank also agreed with the majority of the shareholders of Universal Life Insurance for a merger between Universal and Altius into a single insurance entity. The resulting combined entity will see a member of Alpha Bank Group hold the “majority interest” after the transaction is completed. This will in turn lead to Alpha Bank holding majority stake in the combined entity. As part of the plans, Alpha Bank will enter a strategic partnership with Photos Photiades Group, the main shareholder group at Universal. Both parties intend to work together on
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