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15 June, 2024
 
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Acquisition talks between Astrobank and CDB Bank heat up

Astrobank has put forth its proposal to CDB Bank, and now it remains to be seen whether the terms will be satisfactory

Newsroom

As of the beginning of the week, high-ranking officials from both banks had a meeting to discuss transaction details and the way forward.

Astrobank has put forth its proposal to CDB Bank, and now it remains to be seen whether the terms will be satisfactory or if CDB Bank will request further optimization.

By the end of October, there may be developments announced by both banks, as the informal target for a September announcement has passed.

It is worth noting that CDB Bank previously stated that these discussions and processes do not affect its ongoing operations, which continue according to its business plan.

Astrobank has officially stated its systematic exploration of acquisitions and other opportunities as part of its development plans in the Cypriot banking market.

In 2022, Astrobank recorded net profits of €12.2 million, total capital of €203.7 million, and a capital adequacy ratio of 17.96%. The Core Tier 1 capital was at 16.54% at the end of 2022.

At the end of 2022, CDB Bank had a net position of €38.2 million, with CET1 capital at 16.04%. Deposits amounted to €487 million, and the bank's non-performing loans stood at €65.3 million.

[This article was translated from its Greek original]

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Cyprus  |  banks  |  business  |  merger

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