InsiderBusinessAstroBank deal with USB Bank Plc completed

AstroBank deal with USB Bank Plc completed

AstroBank Limited on Friday announced the completion of its €40.2 m agreement to take over the banking business of USΒ Bank, including personnel but excluding some real estate.

It said the transaction was being financed with own resources and was supported by a capital increase of €54 m, primarily from existing AstroBank shareholders.

With the acquisition, AstroBank said it significantly boosts its position on the Cyprus market, with the total assets growing by more than 50%  to total €2.1 b, while gross loans are €1.2 b, customers’ deposits €1.9 b and equity in excess of  €160 m.

AstroBank CEO Yiorgos Appios said the transaction reaffirmed the commitment of the management and shareholders of the bank to make AstroBank even stronger and to offer the best products and services.

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