Banks comment on AstroBank's proposal to acquire cdbbank

The Cyprus News Agency’s revelation regarding the filing of a proposal by AstroBank for the acquisition of cdbbank has created waves in the financial services sector.

The two banks confirmed the relevant processes with announcements to the Cyprus Stock Exchange on 11 September.

In its announcement, AstroBank states that it systematically examines acquisitions and other opportunities as part of its development plans in the Cypriot banking market and on this basis preliminary discussions are being conducted between the parties involved.

It also emphasises that any transaction will be subject to corporate approval, as well as the approval of shareholders and supervisory authorities.

In its announcement, cdbbank confirms, on its part, that discussions and processes are ongoing for a possible acquisition of its operations by AstroBank and notes that the relevant bodies of the bank are evaluating the data.

At the same time, it clarifies that the discussions and processes in question do not affect its activities, which continue to be carried out smoothly and in accordance with its business plan.

Also read: AstroBank has 'submitted a proposal to acquire cdbbank'

Below is AstroBank's announcement in full, translated into English:

"Following various publications in the press regarding a possible acquisition of Cyprus Development Bank (CDB), AstroBank Public Company Limited (AstroBank) wishes to note that it is systematically considering acquisitions and other opportunities as part of its development plans in the Cypriot banking market.

On this basis, preliminary discussions are being held between the parties involved and any transaction will be subject to corporate approval as well as shareholder and regulatory approval.

AstroBank will continue to inform the market as required by the relevant provisions of European and Cypriot Law".

Below is the complete announcement of cdbbank, also translated into English:

"Following publications in the press, the CYPRUS DEVELOPMENT BANK PUBLIC COMPANY LIMITED (the 'Bank') announces that discussions and processes are underway for a possible acquisition of its operations by ASTROBANK PUBLIC COMPANY LIMITED.

The competent bodies of the Bank are evaluating the data.

In the event that an agreement is reached, its terms will be subject to various approvals and conditions, including those provided by the relevant supervisory and regulatory framework.

The Bank further announces that the discussions and processes in question do not affect its activities, which continue to be carried out smoothly and in accordance with its business plan.

For further developments that may arise, the Bank will make the appropriate announcements to the CSE and the Cyprus Securities and Exchange Commission in accordance with current legislation.

This announcement is issued in accordance with the provisions of Regulation (EU) 596/2014 on market abuse".

(Source: INBusinessNews)