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%


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