18 January 2019
Completion of agreement for the acquisition of USB Bank’s business by AstroBank
AstroBank Limited announces the completion of the agreement with USB Bank PLC for the acquisition of USB Bank’s banking operations (including the transfer of USB Bank’s personnel, with the exception of certain properties), for a total consideration of €40.2 million.
The transaction was funded from own resources and was supported by a capital increase of €54 million, mainly by AstroBank’s current shareholders. With this acquisition, AstroBank significantly strengthens its position in the Cyprus market. In particular, the Bank’s balance sheet increases by more than 50% reaching €2.1bln, Gross Loans rise to €1.2bln, Customer Deposits to €1.9bln and Total Capital over €160mln.
In a statement, the CEO of AstroBank, Mr George Appios noted that “With this transaction, the Bank’s Management and Shareholders reaffirm their commitment to the Cyprus market, the customers and all stakeholders, aiming to make the Bank even stronger, offering the best products and services”.