Cyprus’ AstroBank has completed the previously announced acquisition of USB Bank’s banking operations for a total consideration of €40.2m.

The scope of the acquisition includes the absorption of USB staff, but excludes some USB assets.

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The purchase was completed after securing all the necessary approvals from the supervisory authorities and meeting the relevant procedures.

USB Bank acquisition details:

In July last year, AstroBank signed the agreement to acquire USB Bank operations as a part of its development plan, and bolster its position in the Cypriot market.

The lender funded the USB Bank acquisition from own resources, supported by a capital boost of nearly €54m primarily by its shareholders.

AstroBank CEO George Appios said: “With this transaction, the Bank’s Management and Shareholders reaffirm their commitment to the Cyprus market, the customers and all stakeholders, aiming to make the Bank even stronger, offering the best products and services.”

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With the acquisition, AstroBank’s balance sheet rises by more than 50% to touch €2.1bn.

The lender’s gross loans portfolio increases to €1.2bn, customer deposits to €1.9bn and total capital more than €160m.

Incorporated in 1983, AstroBank offers banking services to individuals, corporate and commercial clients.

Earlier known as Piraeus Bank (Cyprus), the bank re-branded itself in March 2017.

The company’s service portfolio includes savings accounts, fixed deposit accounts, loans and debit and credit cards among others. It also provides wealth management services.