AstroBank increases its presence in the Cyprus market even further
AstroBank Limited announces the signing of an agreement with National Bank of Greece SA to acquire 100% of the latter’s Cyprus subsidiary, National Bank of Greece (Cyprus) Ltd. The completion of the transaction is subject to approval by the Central Bank of Cyprus and the Commission for the Protection of Competition. The transaction will be funded by the Bank’s excess liquidity and will be supported by a share capital increase.
The acquisition is part of AstroBank’s strategic goal to further grow its operations, following the successful completion of the acquisition of the banking operations of USB Bank in January 2019, the operations of which have already been integrated into AstroBank. AstroBank effectively acts as the consolidator of the smaller banks in Cyprus.
With the completion of the new acquisition, AstroBank’s Total Assets increase by 30%, reaching €2.9 billion, with Gross Loans increasing to €1.4 billion and Client Deposits to €2.6 billion (based on 30/6/2019 data).
Commenting on the transaction, Mr Constantinos Loizides, AstroBank’s Managing Director, stated that “With the completion of this agreement, the Bank’s management and shareholders reaffirm, once again, their belief in the Cyprus market, renewing their commitment for a focused expanded profitability model, with the aim of making AstroBank even stronger.”