Alpha International Holdings, a wholly-owned subsidiary of Alpha Bank, has signed a definitive share purchase agreement with the shareholders of the Cypriot insurance company for the acquisition of the entire share capital of Altius Insurance.
This development marks the first binding milestone toward the implementation of the strategic combination of insurance operations in Cyprus, following the agreement on the key commercial and legal terms announced on December 19, 2025.
Altius operates in the life, health, and general insurance sectors, offering a wide range of insurance products to both individuals and businesses. For the past 11 years, Altius has been the exclusive bancassurance partner of Alpha Bank Cyprus, and this collaboration is expected to be further strengthened in the future.
This long-standing partnership has consistently demonstrated the strength of the bancassurance model and the quality of Altius’s operations, creating a solid foundation of trust and shared success for the next phase of growth. Altius’s management team remains committed to supporting the implementation of the partnership’s strategic plan, ensuring business continuity and substantially mitigating implementation and integration risks.
The Altius transaction represents the first step toward the strategic combination of Altius with Universal Life Insurance Public Company (“Universal”) into a single insurance group (“single company”), in which Alpha Bank will hold a majority stake. Upon completion, the combined company is expected to rank among the three largest insurance groups in Cyprus, in both the life and general insurance sectors, holding a leading position in the accident and health segment. The transaction with Universal is proceeding in parallel.
As part of the merger, Alpha Bank will collaborate with Universal’s main shareholder, the Photos Photiades Group, within the framework of a long-term strategic partnership, with the aim of jointly achieving the parties’ goals for the development of insurance activities in Cyprus.
The Photos Photiades Group possesses in-depth market knowledge, well-established customer relationships, and a reputation built over decades in the Cypriot business community, making this collaboration a partnership characterized by substantial strategic complementarity. The combined company will leverage the complementary expertise of the two organizations, offering comprehensive insurance solutions and significantly strengthening Alpha Bank’s bancassurance model in collaboration with Alpha Bank Cyprus.
The Altius transaction is expected to close in the fourth quarter of 2026, subject to the receipt of all required regulatory approvals and consents, as well as the satisfaction of customary conditions precedent. Alpha Bank will keep investors appropriately informed of any further developments, in full compliance with the applicable legal and regulatory framework.