Insider Business Astrobank moving closer to acquisition of National Bank of Greece subsidiary

Astrobank moving closer to acquisition of National Bank of Greece subsidiary

Astrobank is in advanced negotiations with the board of National Bank of Greece to acquire its subsidiary in Cyprus, Greek media report.

According to Insider, Astrobank’s bid is the best among those the Greek bank is examining.

Recently, the National Bank of Greece created a “bad bank” to transfer the non-performing loans away from its Cyprus subsidiary.

Based on financial data, the subsidiary’s net income for 2017 amounted to €22.26 million compared with €26.27 million in 2017, while profit before provisions amounted to €7.34 million in 2017 compared to €14.26 million in 2016. Provisions for 2017 amounted to €15.2 million. The bank recorded losses of €7.06 million after taxes.

Total assets in 2017 dropped to €790.35 million from €923 million in 2016, while its total liabilities also decreased from €734.9 million in 2016 to €608,3 million in 2017.

This is the second time Astrobank tries to acquire the bank’s Cyprus subsidiary.

In January, Astrobank acquired the banking business of USΒ Bank.

In an interview to Forbes Cyprus, Astrobank’s CEO George Appios said that they are open to every attractive option in the market.

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