Astrobank is looking to buy out CDB Bank as it branches out into acquisitions and mergers within Cyprus’ banking sector, it was reported on Saturday.
The Cyprus News Agency cited sources saying Astrobank had already submitted an offer to CDB Bank, while officials from both banks did not wish to comment on the matter due to confidentiality issues.
Based on the 2022 results, CDB Bank had total assets of €0.55 billion, which corresponded to approximately 21 per cent of Astrobank’s total assets (€2.73bn at the end of 2022). CDB Bank’s total gross loans amounted to €250 million and deposits to €487m, while deposits with the Central Bank amounted to €220m.
At the end of 2022, CDB Bank had a non-performing loan ratio of 26.2 per cent, with Astrobank’s corresponding ratio at 19.5 per cent during the same period.
CDB Bank had 138 employees at the end of 2022 and in addition to its head office in Nicosia, it had two branches in Nicosia and one in Limassol. Accordingly, Astrobank, based on the financial results of 2022, employed 465 people and had 14 stores and business centres throughout Cyprus.
Astrobank, carries experience in the field of acquiring banking operations, having 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. CDB Bank is the former state-owned Cyprus Development Bank from which the state fully withdrew in 2008.