Alpha Bank announces merger of Altius Insurance and Universal Life in Cyprus

Alpha Bank has reached an statement connected cardinal commercialized and ineligible presumption for a strategical merger of security operations successful Cyprus, with the extremity of forming 1 of the country’s apical 3 security groups successful some beingness and non-life sectors.

The statement involves Universal Life Insurance Public Company and Altius Insurance, and is expected to unafraid a starring presumption for the combined entity successful the mishap and wellness conception of the Cypriot security market.

The statement covers Alpha Bank’s acquisition of each issued stock superior successful Altius Insurance from its shareholders.

Alpha Bank besides agreed with the bulk of the shareholders of Universal Life Insurance for a merger betwixt Universal and Altius into a azygous security entity.

The resulting combined entity volition spot a subordinate of Alpha Bank Group clasp the “majority interest” aft the transaction is completed. This volition successful crook pb to Alpha Bank holding bulk involvement successful the combined entity.

As portion of the plans, Alpha Bank volition participate a strategical concern with Photos Photiades Group, the main shareholder radical astatine Universal.

Both parties mean to enactment unneurotic connected expanding security activities successful Cyprus and perchance beyond.

The contiguous absorption squad astatine Altius is expected to stay involved, supporting the execution of the associated strategy and addressing immoderate risks associated with integration.

The transaction is anticipated to beryllium completed during the 3rd 4th of 2026, taxable to regulatory approvals and modular conditions.

Alpha Bank noted that this transaction fits wrong its established superior allocation approach.

The slope expects a instrumentality connected superior employed (RoCET) supra 20%, on with net per stock maturation of astir 2%, and forecasts nett income from its Cyprus activities to summation by implicit 20%.

Alpha Bank CEO Vassilios Psaltis said: “We are delighted successful making this bold measurement to actively signifier the Cypriot security marketplace by investing into 2 entities to make the 3rd largest security group.

“We are forming a strategical concern with the Photos Photiades Group, 1 of astir venerable Cypriot concern families, who gives america a invaluable basal to physique a challenger proposition successful the Cypriot security space, and to further fortify our ties with the Cypriot concern community.

“By combining Universal’s impeccable marque sanction and its long-standing enactment successful Life and Health security with Altius’ beardown security capabilities and proven bancassurance expertise, we make a winning security platform, with beardown further maturation momentum.”

"Alpha Bank announces merger of Altius Insurance and Universal Life successful Cyprus " was primitively created and published by Life Insurance International, a GlobalData owned brand.