Weekly M&A Debrief (15-21/12/2025)
- Nikolaos Tsolakis
- 10 minutes ago
- 1 min read
By Nikos Tsolakis, Stavroula Bichta, and Dimitris Machairas
FINANCIAL INSTITUTIONS
1) Alpha Bank Acquires Altius and Creates 3rd Largest Insurance Player in Cyprus
The Greek bank will acquire 100% of Altius Insurance Ltd. and subsequently merge its operations with Universal Life Insurance Ltd., a company of the Photos Photiades Group, creating a significant player in Cyprus’ insurance sector. A key condition for the transaction is that Alpha Bank will hold a majority stake in the combined entity. The transaction will be accretive regarding both EPS and RoTE, and will only have a marginal impact of 23bps on CET1 capital.
The Target
Altius Insurance Ltd. is a Cyprus-based insurance company offering a broad range of life and non-life insurance products, including motor, property, health, and accident coverage. The company serves both retail and corporate clients through a nationwide distribution network, with a focus on bancassurance partnerships, agents, and direct channels.
Insurance Revenue – 2024: €39.6m
Net Income – 2024: €8.4m
The Buyer
Alpha Bank is one of Greece’s leading systemic banks, providing a comprehensive range of retail, corporate, and investment banking services. Its core activities include deposits and lending, SME and large-corporate financing, project and structured finance, payments,
asset management, bancassurance, and capital markets services.
Net Interest Income – 9M 2025: €1.2bn
Operating Income – 9M 2025: €1.6bn
Net Income – 9M 2025: €0.7bn
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