CYPRUS: AstroBank completes EURO 40 mln acquisition of USB Bank

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AstroBank has completed the agreement for the acquisition of USB Bank PLC banking operations (including the transfer of USB’s personnel, with the exception of certain properties), for a total consideration of €40.2 mln.

The transaction was funded from own resources and supported by a capital increase of €54 mln, mainly by AstroBank’s current shareholders.

With this acquisition, AstroBank said it 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 €1.2 bln, Customer Deposits to €1.9 bln and Total Capital over €160 mln.

“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,” said CEO of AstroBank George Appios.