Alpha Bank acquires Altius Insurance to merge with Universal Life in Cyprus

Alpha Bank has completed the acquisition of Altius Insurance Ltd. through its subsidiary, Alpha International Holdings. This transaction involves the purchase of the entire issued share capital of Altius, which has served as the bank's exclusive bancassurance partner for 11 years. The acquisition serves as the initial phase of a strategic plan initiated in December 2025 to create a major insurance entity in Cyprus. Following this purchase, Altius Insurance will be merged with Universal Life Insurance Public Company Ltd. into a new unified firm. Alpha Bank is set to hold a majority stake in this new insurance group. The Photos Photiades Group, currently the primary shareholder of Universal Life, will retain a strategic interest in the new entity. The merger aims to establish a top-three insurance market participant covering life, health, and general insurance sectors. This consolidation is designed to enhance the bank's fee-based income and service capabilities for both individuals and corporate clients.