AstroBank acquires banking operations of USB Bank

Thursday 24 January 2019 09:38 CET | News

AstroBank has completed the EUR 40.2 million acquisition of the banking operations of the Cypriot banking company USB Bank.

As a result of the transaction, USB Bank’s personnel, with the exception of certain properties, have been transferred to AstroBank. Additionally, USB Bank has ceased to perform banking operations.

The deal was announced in 2018 and has been funded from AstroBank’s own resources and was backed by a capital increase of EUR 54 million, primarily from its current shareholders.

The acquisition is expected to help AstroBank consolidate its position in the Cyprus market. The bank particularly said that its balance sheet will surge by more than 50% to reach EUR 2.1 billion

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Keywords: AstroBank, banking, USB Bank, acquisition, Cyprus
Countries: World