The deal between Alpha Bank and AstroBank to be concluded

The decision of the acquisition of AstroBank by Alpha Bank is expected successful the coming weeks and much specifically towards the extremity of October, banking sources told “N”.

As AstroBank announced during the presumption of its fiscal results, the transaction received support from the Commission for the Protection of Competition successful the summertime and is very adjacent to its completion.

As confirmed by banking sources connected the Greek side, the extremity is to implicit the acquisition within the coming weeks and by the extremity of October. It is noted, however, that the support of the Central Bank of Cyprus, which is intelligibly formal, is besides pending.

The transaction will take spot betwixt Alpha Bank’s subsidiary, Alpha Bank Cyprus, and AstroBank.

Transfer of activity

This transaction is not a merger. As AstroBank pointed retired connected its authoritative website, it is not a ineligible merger of the two banks but a transfer of concern activity. Therefore, the ineligible transfer will beryllium the 1 expected for the extremity of the month.

According to the Business Transfer Agreement signed by Alpha Bank with AstroBank successful June, the transaction provides for the acquisition of each assets and liabilities, arsenic well arsenic the unit of the Cypriot AstroBank.