ECONOMY

Alpha Bank finds buyer for Cypriot subsidiary Alpha Insurance

Alpha Bank on Friday confirmed it has reached an agreement for the sale of its Cypriot subsidiary Alpha Insurance.

The cost of the sale amounts to 14.5 billion euros, with the transaction pending the necessary regulatory approvals.

It is expected to be completed in the first quarter of 2015.

Reports in the Greek media have suggested that the buyer is Doukas Palaiologos, former head of Ethniki Insurance.