Alpha Bank Cyprus to buy AstroBank in €205m deal [Yahoo! Finance]
ALPHA SVCS & HLDGS S/ADR (ALBKY)
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Source: Yahoo! Finance
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 doc
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