Alpha Bank Cyprus intends to introduce a voluntary exit scheme in 2026, following the completion of its integration with AstroBank, based on similar schemes implemented by other domestic banks.

According to Alpha Bank Cyprus CEO Miltos Michaelas, the intention exists and appears necessary; however, “at this stage there is no official decision,” he clarified.

“I would simply say that we are looking towards such a plan, as it will be dictated by the new conditions being shaped within the Bank,” Mr Michaelas said during a meeting with financial journalists held in the context of the Christmas holidays.

As Brief reports, he noted that a small group of employees appears interested in a voluntary early retirement scheme, something management is taking into account. Should a plan be drawn up, he confirmed, it would be implemented during 2026.

At present, the Group’s top priority remains the integration with AstroBank.

The legal merger was completed on 31 October, while the operational merger is expected to take place in the third quarter of 2026, as time is required for the two entities to adopt a common structure, pricing policy, and customer approach.

Responding to a related question, Mr Michaelas said the voluntary exit scheme would provide for a maximum tax-free compensation of €200,000, in line with similar schemes implemented by other banks.

“Integration, by its very nature, will necessitate such a plan. I must stress that I have formed a positive view of colleagues who came from AstroBank, both in terms of professionalism and quality,” he said.

He emphasised that management will show respect to every employee who decides “either to leave voluntarily or to remain within the organisation”.

It is understood that when the time comes to draw up a voluntary exit plan, the leadership of ETYK will be informed, within the framework of the good relations between the employer and employee representatives.

Mr Michaelas described 2025 as a landmark year shaping the new trajectory of Alpha Bank Cyprus.

He said the Bank is now the third-largest in Cyprus, with assets exceeding €6.6 billion, a loan portfolio above €2 billion, and deposits of more than €5.6 billion.

This scale allows for investment in technology, innovation, and human capital, strengthening stability, efficiency, and the customer experience. The Bank aims to leverage the combined expertise of Alpha Bank and former AstroBank staff, with emphasis on corporate, private, and digital banking.

He also highlighted the Bank’s focus on sustainable finance and green transition solutions, noting that responsibility towards society and the environment is increasingly central to modern banking.

Digital transformation remains a core strategic priority, with investments in artificial intelligence, data analytics, and automation to simplify processes, reduce costs, and enhance customer experience.

Alpha Bank Cyprus is also expanding through International Banking Services (IBS) and Wealth & Institutional Banking, supporting entrepreneurs, cross-border investors, HNWIs, and institutional clients with specialised products and advisory services.

Mr Michaelas said Cyprus remains a mature but dynamic market, with strong prospects due to its strategic location, developed business ecosystem, and skilled workforce.

The acquisition of most of AstroBank’s banking activities aligns with the Alpha Bank Group’s strategy to develop regional growth hubs in Greece, Cyprus, the UK, and Luxembourg, creating a unified European banking ecosystem.

He noted that geopolitical and energy uncertainty, interest rate normalisation, and stricter regulatory and ESG requirements will challenge profitability in the coming years, making partnerships, outward orientation, and consolidations increasingly important.