Alpha Bank is reportedly in advanced talks to acquire Cypriot insurance company Altius, according to a report by Greek financial news outlet MoneyReview. The potential deal marks another strategic step in the group’s ongoing expansion in Cyprus, coming on the heels of its recent acquisition of Astrobank.

Altius, which maintains an existing bancassurance partnership with Alpha Bank Cyprus, emerged from the insurance subsidiary Alpha Bank had sold in 2015 during Greece’s post-crisis divestment wave. The company was then acquired by a group of investors led by Doukas Palaiologos, who currently chairs the firm.

The renewed interest from Alpha Bank reflects a broader trend among Greek financial groups to scale their operations in Cyprus, aiming to boost revenue streams and deploy excess capital.

Altius is active across all key insurance sectors, including life and health. According to its 2024 financial results, the company posted €39.5 million in premium income and net profits of €8.4 million, with a robust solvency ratio of 259%.

Source: MoneyReview