AstroBank has 'submitted a proposal to acquire cdbbank'

08:30 - 10 September 2023

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Financial Services Reporter

AstroBank is moving towards the acquisition of cdbbank, in the most recent move in the field of acquisitions and mergers in the Cyprus banking system, according to information cited by the Cyprus News Agency (CNA).

According to the same information, the two banking institutions are in talks, with AstroBank reportedly already having made a proposal to cdbbank. Officials at both banks declined to comment on the information because of the confidentiality of the matter.

Based on its 2022 results, cdbbank had total assets of €0.55 billion, which corresponded to approximately 21% of AstroBank's total assets (€2.73 billion at the end of 2022).

cdbbank's total gross loans amounted to €250 million and deposits to €487 million, while deposits with the Central Bank amounted to €220 million.

At the end of 2022, cdbbank had a non-performing loan ratio of 26.2%, with AstrobBnk's corresponding ratio at 19.5% during the same period.

cdbbank at the end of 2022 employed 138 people and in addition to its head office in Nicosia, had two branches in Nicosia and one in Limassol.

Accordingly, AstroBank, based on the financial results of 2022, employed 465 people and had 14 branches and business centres throughout Cyprus.

AstroBank has experience in the field of acquiring banking operations, having itself emerged when Holing M Sehnaoui acquired the subsidiary of Piraeus Bank in Cyprus in 2016, while subsequently acquiring USB Bank.

In 2021 the same bank acquired the operations of the branch of the Lebanese bank Byblos Bank in Cyprus. cdbbank is the former state-owned Development Bank from which the state fully withdrew in 2008.

(Source: InBusinessNews)

AstroBank has 'submitted a proposal to acquire cdbbank'

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