Alpha Bank Cyprus Acquires Astrobank in Expansion
Deal News | Mar 01, 2025 | EIN
Greek banks are increasingly investing in Cyprus' banking sector, with Alpha Bank Cyprus acquiring Astrobank for €205 million, contributing to a total Greek investment in Cyprus of approximately €1.5 billion. This move is part of a series of strategic investments by Greek banks in Cyprus, including Eurobank's significant investment in Hellenic Bank, which is expected to complete soon, merging with Eurobank Cyprus. Rumors speculate that more Greek financial institutions, such as the National Bank of Greece and Attica Bank, might enter the market to leverage growth opportunities. The strategic investments are expected to bring substantial profit contributions to the banks, underlining the importance of Cyprus as a growth market for Greek banks.
Sectors
- Banking
- Finance
Geography
- Cyprus – The article details investments and acquisitions occurring within the banking sector of Cyprus.
- Greece – The article discusses Greek banks and their strategic investments and expansion into Cyprus.
Industry
- Banking – The article focuses on acquisitions and investments in the banking sector within Cyprus by Greek banks.
- Finance – Greek banks are making significant financial investments and transactions impacting the financial landscape in Cyprus.
Financials
- €205 million – The price settled for the acquisition of Astrobank by Alpha Bank Cyprus.
- €1.5 billion – Total investments by Greek banks into the Cypriot banking sector over the last few years.
- €1.3 billion – Amount Eurobank has committed to acquire full control of Hellenic Bank.
- €100 million – Expected recurring net profits from the Alpha Bank Cyprus and Astrobank merger.
- €210 million – Expected contribution to Eurobank's adjusted net profit by its Cyprus branch in 2024.
- €275 million – Expected profit contribution from Hellenic Bank once integrated into Eurobank.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alpha Bank Cyprus | Bidding Company | Company | A Greek bank that has acquired Astrobank as part of its investment strategy in Cyprus. |
| Astrobank | Target Company | Company | A Cypriot bank acquired by Alpha Bank Cyprus. |
| Eurobank | Other Company | Company | Involved in acquiring Hellenic Bank as part of expanding its operations in Cyprus. |
| Hellenic Bank | Target Company | Company | A Cypriot bank in the process of being fully acquired by Eurobank. |
| National Bank of Greece (NBG) | Potential Future Investor | Company | A Greek bank rumored to be considering future investment opportunities in Cyprus. |
| Attica Bank | Potential Future Investor | Company | A Greek bank possibly looking to invest in Cyprus, headed by Konstantinos Herodotou. |
| Konstantinos Herodotou | Person | Person | Former Governor of the Central Bank of Cyprus and current Chairman of Attica Bank. |