Weekly M&A Debrief (15-21/12/2025)
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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