AstroBank announces the completion of agreement for USB Bank acquisition

AstroBank Limited announced 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 Euros 40.2 million.

The transaction was funded from own resources and was supported by a capital increase of Euros 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 Euros 2.1bln, Gross Loans rise to Euros 1.2bln, Customer Deposits to Euros 1.9bln and Total Capital over Euros 160mln.

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, noted in a statement, the CEO of AstroBank, George Appios.

Source: Cyprus News Agency