Cyprus banks in takeover discussions
Cypriot lenders CDB and Astrobank confirmed on Monday they are in merger talks, with the former buying the latter.
In an official announcement released by CDB Bank to the Cyprus Stock Exchange, both banks have confirmed discussions regarding the potential acquisition of CDB Bank by Astrobank. CDB Bank acknowledges the ongoing talks and processes, emphasizing that the bank’s competent authorities are diligently evaluating the situation. The announcement also underscores that any agreement reached will be contingent on various approvals and conditions, as stipulated by the pertinent supervisory and regulatory framework.
The statement reassures that these discussions have not disrupted the regular operations of the banks, which continue without interruption.
Astrobank has issued its own statement, affirming its strategic consideration of acquisitions and growth opportunities within the Cypriot banking market. Preliminary discussions have been initiated between the involved parties, with any potential transaction subject to corporate approval, as well as scrutiny by shareholders and regulatory authorities.
