Here are the top business stories in Cyprus from the week starting November 3:

Alpha Bank on Monday announced that it has completed the acquisition of substantially all assets and liabilities of AstroBank Public Company Ltd.

This has resulted in the creation of Cyprus’ third-largest bank, with total assets exceeding €6.6 billion.

The transaction was carried out through Alpha Bank Cyprus Ltd and other Alpha Bank Group entities, following the receipt of all required regulatory approvals.

The transfer was executed in accordance with the Cyprus Transfer of Banking Business and Securities Law, and as of October 31, 2025, Alpha Bank Cyprus has assumed the assets and liabilities transferred under the agreement, completing a deal first signed on June 24, 2025.

Cyprus’ Deputy Ministry of Shipping presented a slightly surplus budget for 2026, with expenditures set at €18.7 million and projected revenues of €20.3 million, during a session of the Parliamentary Finance Committee at the end of October.

At the same time, Director General Stelios Chimonas told MPs that the Cyprus registry has grown by around 20 per cent since September 2023, while the number of companies under the Tonnage Tax System rose by 4.5 per cent.

The 4 per cent rise in revenues compared with the 2025 budget, he said, reflects the effectiveness of strategies implemented to strengthen Cypriot shipping.

According to the Annual Action Plan for 2026, the Deputy Ministry employs 155 people, including 94 women and 61 men, operates three administrative directorates, six overseas shipping offices, and 29 departments and services.

Its mission is the sustainable development of Cyprus as a maritime state, reinforcing both the economy and the Republic’s international standing.

Wellington Management Group LLP has reduced its voting rights in the Bank of Cyprus Holdings Public Limited Company to below the 5 per cent disclosure threshold, according to a regulatory filing.

The change, which occurred on October 30, 2025, triggered a mandatory notification to both the issuer and the Central Bank of Ireland.

The notification was submitted using the Standard Form TR-1 for major holdings and was received by the issuer on October 31, 2025.

The filing cited the acquisition or disposal of voting rights as the reason for the disclosure.

The risk of poverty among people who are employed remains a persistent issue across the European Union, with new Eurostat figures showing that 8.2 per