13.02.2019. Astro Bank acquires USB Bank, Cyprus

Company News

Astro Bank has completed its €40.2 m agreement to take over the banking business of USA 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 Astro Bank shareholders.
With the acquisition, Astro Bank 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.
Astro Bank CEO Yiorgos Appios said the transaction reaffirmed the commitment of the management and shareholders of the bank to make Astro Bank even stronger and to offer the best products and services.