Alpha International Holdings, a wholly owned subsidiary of Alpha Bank, signed a definitive share purchase agreement for the acquisition of the entire share capital of Altius Insurance with the shareholders of the Cypriot insurance company.
This development constitutes the first binding milestone for the implementation of the strategic combination of insurance activities in Cyprus, following the agreement on the key commercial and legal terms that had been announced on 19 December 2025.
Altius is active in the life, health and general insurance sectors, offering a wide range of insurance products to both individuals and businesses. Over the past 11 years, Altius has been the exclusive bancassurance partner of Alpha Bank Cyprus and this cooperation is expected to be further strengthened in the future.
This long-standing cooperation has consistently demonstrated the strength of the bancassurance model and the quality of Altius's operations, creating a strong foundation of trust and shared success for the next phase of growth. Altius's management team remains committed to supporting the implementation of the strategic plan of the partnership, ensuring business continuity and substantially limiting implementation and integration risks.
The Altius transaction constitutes the first step for the strategic combination of Altius with Universal Life Insurance Public Company (“Universal”) into a single insurance group (“combined company”), in which Alpha Bank will hold a majority stake. Upon its completion, the combined company is expected to rank among the three largest insurance groups in Cyprus, both in the life sector and in the general insurance sector, holding a leading position in the accident and health segment. The transaction with Universal is progressing in parallel.
As part of the combination, Alpha Bank will cooperate with Universal's principal shareholder, the Photos Photiades group, within the framework of a long-term strategic partnership, with the aim of jointly achieving the parties' objectives for the development of insurance activities in Cyprus.
The Photos Photiades group has deep market knowledge, established customer relationships and a reputation built over decades in the Cypriot business community, making this cooperation 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 cooperation with Alpha Bank Cyprus.
The completion of the Altius transaction is expected in the fourth quarter of 2026, subject to the receipt of all required regulatory approvals and consents, as well as the fulfillment of the usual conditions precedent. Alpha Bank will duly inform investors of any further developments, in full compliance with the applicable legal and regulatory framework.