Alpha Bank on Thursday announced a binding agreement to acquire the total assets and liabilities of AstroBank Public Company Ltd for €205 million, a move strengthening its presence in the Cypriot market.

The transaction will be executed through Alpha Bank Cyprus Ltd, a subsidiary of Alpha Holdings.

The acquisition is expected to be a key factor in enhancing Alpha Bank Group’s profitability, with the integrated operations projected to contribute over €100 million annually in recurring net profits.

Alpha Bank said the deal is expected to generate a 5 per cent increase in Earnings Per Share (EPS), a 60-basis-point improvement in Return on Tangible Equity (RoTE), and a 40 per cent return on regulatory capital.

On completion of the acquisition, Alpha Bank Cyprus will hold a market share of approximately 10 per cent.

The deal is expected to be finalised in the fourth quarter of 2025, subject to regulatory approvals.