Home / Business and Economy / Alpha Bank Seals Cyprus Insurance Merger Deal
Alpha Bank Seals Cyprus Insurance Merger Deal
22 Dec
Summary
- Alpha Bank merges insurance operations with Universal Life and Altius.
- Combined entity aims to be top 3 Cyprus insurance group.
- Transaction completion expected by Q3 2026, pending approvals.
Alpha Bank has finalized key commercial and legal terms for a significant merger of its insurance operations in Cyprus. This strategic initiative involves Universal Life Insurance Public Company and Altius Insurance, with the ambitious goal of establishing one of the nation's leading insurance groups across both life and non-life segments.
The agreement includes Alpha Bank acquiring full ownership of Altius Insurance and merging it with Universal Life. A strategic partnership with Photos Photiades Group, Universal's main shareholder, is also established. Alpha Bank anticipates holding a majority stake in the consolidated entity.
This transformative transaction is projected to conclude by the third quarter of 2026, subject to necessary regulatory consents and standard closing conditions. Alpha Bank expects this venture to significantly boost its financial performance, projecting a return on capital employed exceeding 20% and an increase in net income from Cyprus activities by over 20%.
