Insider Business Astrobank: Takeover talks with National Bank are ongoing

Astrobank: Takeover talks with National Bank are ongoing

Talks over the takeover of National Bank of Cyprus by Astrobank are ongoing and the reason behind the call for a public meeting by the island’s Commission for the Protection of Competition.

This is in line with provisions of section 10 (4) of the Merger Control Act of 2014.

AstroBank Public Company Limited is a licensed credit institution, supervised by the Central Bank of Cyprus.

The main activity of the company is to provide banking and intermediary insurance services.

At the same time, developments are recorded in the National Bank’s bid to increase its share capital.

Already, an authorised increase has raised the lender’s capital from €24 million to €41.2 million.

Ordinary shares have increased from 22,750,000 to 40,000,000 and their distribution to incumbent and new holders is in the process.

Bank employees trade union (Etyk) have already announced they will take part in the capital increase using funds from both their Common Provident Fund and Common Health Fund.

The bank’s major shareholders today are:

Holding M. Sehnaoui S.A.L. 4,519,194 22.87% 500,000

Piraeus Bank S.A. 2,490,000 12.60%

Bassam Najib Diab 2,292,694 11.60% 500,000

WG Cyprus (Holding) SAL 2,263,337 11.45%

Mar Takla Palace SAL 1,195,929 6.05%

Libra Holdings Ventures Limited 1,002,124 5.07%

Vladimir Sautov 999,919 5.06%

Samer El Sayed 749,940 3.79%

Irigatino Limited 637,692 3.23%

Ghassan Paul Kebbe 631,364 3.19%

 

Read more:

https://in-cyprus.com/constantinos-loizides-is-astrobanks-new-ceo/

Top Stories

‘Sailors do not need to die,’ warns captain of coronavirus-hit U.S. aircraft carrier

The captain of the U.S. aircraft carrier Theodore Roosevelt, in a blunt letter, has called on Navy leadership for stronger measures to save the...

Seven fined €150 to €450 for breaking Covid-19 decree

Famagusta district court on Tuesday handed down fines of between €150 and €450 to seven individuals for violating decrees to contain the spread of...

CBC calls for swift credit to “avoid credit crunch” due to Covid-19

The Central Bank of Cyprus in a circular issued on Tuesday called on Cypriot banks to provide swift credit to companies, self-employed persons and...

First batch of China-donated supplies arrives in Cyprus

Ambassador of China to Cyprus Huang Xingyuan has announced the arrival of the first batch of China-donated medical supplies to Cyprus. Huang Xingyuan said in...

Cyprus embassy in Madrid in contact with 30 Cypriots living in Spain

The Embassy of Cyprus in Madrid is in contact with around 30 Cypriots in Spain, mainly students as well as their families in Cyprus,...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....