1) What is the timeline for the transfer of AstroBank’s business operations?

The legal transfer of the substantially the whole of AstroBank’s banking operations to Alpha Bank was completed on 31^st October this year. Full operational integration is expected to be finalised within the coming year. Every stage of the process has been meticulously designed to ensure a seamless transition and an uninterrupted banking experience for all customers.
Customers will be kept fully informed at every step of the process through clear, transparent communication, ensuring the smooth continuation of their relationship with Alpha Bank Cyprus Ltd.

2) Why is Alpha Bank Cyprus Ltd acquiring the banking operations of AstroBank?

The acquisition of the substantially the whole of AstroBank’s banking operations by Alpha Bank Cyprus Ltd represents a strategic step in expanding and strengthening the Bank’s footprint in the Cypriot banking sector, further establishing it as a strong and forward-looking financial institution.
Through this move, Alpha Bank Cyprus Ltd consolidates its position as the third-largest bank in Cyprus, while continuing to invest in growth, innovation, and the ongoing enhancement of its customer experience.

3) What are the strategic benefits for Alpha Bank?

The acquisition strengthens Alpha Bank Cyprus’s position as the third-largest bank in Cyprus, significantly increasing its market share, profitability, and customer base.

4) What is AstroBank Cyprus Ltd?

AstroBank is a licensed financial institution operating in Cyprus, offering a wide range of banking products and services. The acquisition of the substantially the whole of AstroBank’s operations forms part of the Alpha Bank Group’s broader strategic plan to strengthen its presence in the Cypriot market and further support the local economy.

5) Is this a merger?

This is a transfer of the substantially the whole of AstroBank's of business activity, not a merger. Alpha Bank Cyprus Ltd is assuming specific assets and liabilities of AstroBank as part of a legally regulated process governing the transfer of banking operations.

6) What does the acquisition mean for AstroBank?

AstroBank is transferring substantially the whole of its banking operations to Alpha Bank Cyprus Ltd, which will become their sole legal owner. This development marks the creation of a stronger, more agile financial institution, offering customers a broader and more diversified range of products and services.

7) Will there be any disruption to services during the transition?

All banking services and customer touchpoints will continue to operate without disruption. Specialized transition teams have been set up to ensure a smooth, efficient, and seamless experience for every customer throughout the process.

8) Will anything change with my existing AstroBank accounts?

Not at this stage. Your AstroBank accounts will continue to operate as normal. Any changes will take effect only after the legal transfer is completed and will be communicated to you clearly and in a timely manner. AstroBank customers are being regularly updated throughout the process via digital channels, SMS, letters, and in-branch announcements.

9) Are my deposits still secure?

Deposits transferred to Alpha Bank Cyprus remain fully protected under the deposit guarantee scheme, in accordance with the applicable eligibility criteria and regulatory framework.

10) Do I need to take any action?

No action is required from you at this stage. Should there be any changes in the future, we will inform you in advance and provide clear guidance on your options and next steps.

11) What does this mean for me as an Alpha Bank customer?

There will be no change on how you carry out your transactions or manage your accounts. Your cards, loans, and digital banking services will continue to function smoothly and without disruption. No action is required on your part

12) How will I be informed about any changes?

You will be updated through all available communication channels of the Bank, including:

Notifications via Web and Mobile Banking.
Letters and SMS updates.
Announcements at Branches.
The Bank’s official website.

Alpha Bank Cyprus Ltd is fully committed to ensuring transparency and timely communication throughout the entire process.

13) Who can I contact for more information?

For any further information, you may:

Get in touch with your Relationship Manager
Visit any Alpha Bank branch or contact the Call Centre at 8000 3333 (or +357 22 888333 if calling from abroad)
Visit any AstroBank branch or contact the Call Centre at 8001 1800 (or +357 22 575555 if calling from abroad)

Our team is here to support you and provide guidance at every stage of the process.

14) What will happen to AstroBank’s staff?

All AstroBank employees will be transferred to Alpha Bank Cyprus Ltd, ensuring continuity, consistency, and the same high level of service and customer experience

15) How does the agreement impact the Cypriot economy?

The agreement enhances Alpha Bank Cyprus’s financial capacity, empowering the Bank to play a stronger role in driving economic growth in Cyprus by providing modern, competitive, and high-value banking services.

Common Customers (Alpha Bank/ ex-AstroBank)

16) I am a customer of both Alpha Bank and AstroBank. How will I be affected?

If you are a customer of both banks and hold accounts, loans, or cards, you can continue to use them as usual. At a later stage, and only if necessary, you will be clearly informed and in advance of any required actions or changes, with full transparency into the process.

17) I have loans or credit cards with both banks. Will they be combined?

At this stage, you will continue to use the platforms, cards, and services of Alpha Bank and AstroBank separately. As operations are gradually integrated, Alpha Bank may align products and services to ensure greater convenience and an enhanced customer experience. Any required actions or changes will be clearly and promptly communicated to you, in full compliance with applicable legislation.

FAQs