All AstroBank employees to join Alpha Bank Cyprus with full preservation of employment rights

Alpha Bank on Monday announced that it has completed the acquisition of substantially all assets and liabilities of AstroBank Public Company Ltd.

This has resulted in the creation of Cyprus’ third-largest bank, with total assets exceeding €6.6 billion.

The transaction was carried out through Alpha Bank Cyprus Ltd and other Alpha Bank Group entities, following the receipt of all required regulatory approvals.

The transfer was executed in accordance with the Cyprus Transfer of Banking Business and Securities Law, and as of October 31, 2025, Alpha Bank Cyprus has assumed the assets and liabilities transferred under the agreement, completing a deal first signed on June 24, 2025.

With the completion of the transaction, Alpha Bank Cyprus now has a loan portfolio exceeding €2 billion and deposits surpassing €5.6 billion.

The bank said that this has “significantly strengthened its capacity to serve individuals, businesses, and institutional clients”.

Moreover, the bank’s size has increased substantially, with its loan portfolio growing by more than 45 per cent, deposits by around 65 per cent, and total assets by 60 per cent.

“Taking into account the synergies expected from the merger, Alpha Bank Cyprus is projected to double its profitability, achieving recurring annual net profits of over €100 million,” the bank stated.

Alpha Bank Cyprus now holds the exclusive legal ownership of AstroBank’s transferred operations, which include deposits, loans, customer accounts, digital services, cards, as well as the branch network and personnel.

“The transaction significantly strengthens Alpha Bank’s capital and operational base in Cyprus, establishing a more resilient and competitive institution capable of supporting households, small and medium-sized enterprises, and large corporate clients,” the announcement stated.

“With the integration of AstroBank’s staff and branch network into Alpha Bank Cyprus, the bank significantly upgrades its customer service capabilities, technical expertise, and human capital,” the bank added.

It also mentioned that by “leveraging the Alpha Bank Group’s experience and resources” will allow it to “further invest in innovation, technology, and operational excellence, with a view to delivering high value-added products and services”.

Full operational integration, including the unification of digital platforms, cards, applications, and systems, will be completed gradually within 2026, ensuring smooth continuity and uninterrupted service for clients.

Furthermore, Alpha Bank said the deal forms part of its broader strategy to strengthen its presence across the markets of the Southeastern Mediterranean and to pursue both organic and inorganic growth.

The bank explained that the acquisition also reinforces the group’s commitment to Cyprus and its vision of acting as a bridge to Europe through its strategic partnership with UniCredit, facilitating the flow of capital, investment, and business opportunities.

Alpha Bank Cyprus said the acquisition creates an institution with the “scale, stability, and resilience required to contribute meaningfully to the Cypriot banking system and to the local economy”.

For the Cypriot economy, meanwhile, the merger marks a development that improves financial stability and competitiveness, further supporting sustainable growth and innovation.

The bank also stated the enlarged institution will “serve as a strategic partner for clients and enterprises“, offering a “high-quality, secure, and flexible banking experience aligned with the needs of the digital age”.

It added that “the combination of expertise, human capital, and network strengthens Alpha Bank Cyprus’ operational capabilities and expands its ability to finance the real economy”, offering targeted solutions for businesses and households.

For former AstroBank customers, there are currently no changes to service or daily transactions.

Their accounts, loans, cards, and online banking services continue to operate as normal, and no action is required from their side.

The bank also confirmed that all AstroBank employees will join Alpha Bank Cyprus with full preservation of employment rights under Cypriot law.

Alpha Bank said it “places strong emphasis on fair treatment, professional growth, and equal opportunities, ensuring career development and mobility within a stronger organisation”.

Alpha Bank Cyprus CEO Miltos Michaelas said “the completion of the transaction with AstroBank marks a strategic milestone for Alpha Bank Cyprus and a new chapter for the country’s banking sector.”

“We are creating an institution with meaningful scale, a solid capital base, and a clear strategic direction, [which is] to be the most trusted, modern, and efficient bank for our customers,” he said.

“With the support and expertise of the Alpha Bank Group, we strengthen Cyprus’ role as a financial hub in the Southeastern Mediterranean, acting as a gateway connecting Europe and the Middle East,” he added.

“Our goal is to actively contribute to financing growth, promoting innovation, and supporting every sound business initiative that creates value for the economy and society,” he continued.

“I would like to sincerely thank all teams from Alpha Bank Cyprus and AstroBank for their dedication, collaboration, and professionalism,” he stated.

“Together, we are shaping a shared path toward a bank built on trust, a human-centric approach, and a forward-looking vision,” Michaelas concluded.