The conclusion of the acquisition of AstroBank by Alpha Bank is expected in the coming weeks and more specifically towards the end of October, banking sources told “N”.
As AstroBank announced during the presentation of its financial results, the transaction received approval from the Commission for the Protection of Competition in the summer and is very close to its completion.
As confirmed by banking sources on the Greek side, the goal is to complete the acquisition within the coming weeks and by the end of October. It is noted, however, that the approval of the Central Bank of Cyprus, which is clearly formal, is also pending.
The transaction will take place between Alpha Bank’s subsidiary, Alpha Bank Cyprus, and AstroBank.
Transfer of activity
This transaction is not a merger. As AstroBank pointed out on its official website, it is not a legal merger of the two banks but a transfer of business activity. Therefore, the legal transfer will be the one expected for the end of the month.
According to the Business Transfer Agreement signed by Alpha Bank with AstroBank in June, the transaction provides for the acquisition of all assets and liabilities, as well as the personnel of the Cypriot AstroBank.
