CPC Evaluates Alpha Bank’s Acquisition of Altius Insurance – Review of the Deal Begins
The Transaction Enters the Evaluation Phase by the Protection of Competition Commission (CPC), a Necessary Step Prior to the Completion of Alpha Bank's Plan to Create One of the Largest Insurance Groups in Cyprus.
Another step toward completing one of the most significant deals in the Cypriot insurance sector was taken with the submission of the mandatory concentration notification to the Commission for the Protection of Competition (CPC).
The CPC Service announced receipt of the notification concerning the acquisition of sole control of Altius Insurance Ltd by Alpha International Holdings Single Member S.A., a 100% subsidiary of Alpha Bank S.A.
The publication of the notification does not mean the acquisition has been approved. It represents the legally required stage during which the Commission will examine whether the transaction impacts competition in the Cypriot market before deciding whether to give the green light for its completion.
Alpha International Holdings operates as the holding company of Alpha Bank Group for its international operations outside Greece, while Nicosia-based Altius Insurance operates in life, health, and general insurance lines.
Insurance Sector in Focus
This development follows the agreement announced by Alpha Bank in early July to acquire the entire share capital of Altius Insurance. According to the Group, this transaction represents the first binding step of a broader strategic plan to combine Altius with Universal Life Insurance Public Company Ltd., aiming to establish a new insurance group in the Cypriot market.
Alpha Bank has stated that, upon completion of all required transactions and regulatory approvals, the new corporate entity is expected to rank among the top three insurance groups in Cyprus in both life and non-life insurance, while holding a leading position in the accident and health sectors.
Of particular significance is the fact that Altius Insurance has served for eleven years as the exclusive bancassurance partner of Alpha Bank Cyprus, providing continuity to their partnership and serving as a key pillar of the Group’s strategic planning in Cyprus.
Subject to receiving necessary approvals from the Commission for the Protection of Competition and other competent regulatory authorities, the transaction is expected to close within the fourth quarter of 2026, according to Alpha Bank’s plan.
