Bank of Cyprus announces that it has reached a preliminary agreement for the acquisition of Interbank of New York, a U.S.A. registered bank, for a consideration of approximately US$43 million.
The said bank was established in 1990 and it provides services, mainly to the Greek and Cypriot community of New York. It has 4 branches and 52 employees. Its total assets amount to US$173 million, customer deposits US$156 million and total advances US$115 million.
The acquisition is a strategic move and falls within the Bank of Cyprus Group's broader policy to expand to overseas markets where a significant Greek Community exists. At the same time the acquisition of Interbank of New York, is in accordance with the Group's policy for the effective utilisation of the new capital which will be raised through a public offering in Greece for the listing of the Bank of Cyprus shares on the Athens Stock Exchange.
The acquisition of Interbank of New York is subject to the approval of the Central Bank of Cyprus and the banking authorities of the U.S.A.
The said bank was established in 1990 and it provides services, mainly to the Greek and Cypriot community of New York. It has 4 branches and 52 employees. Its total assets amount to US$173 million, customer deposits US$156 million and total advances US$115 million.
The acquisition is a strategic move and falls within the Bank of Cyprus Group's broader policy to expand to overseas markets where a significant Greek Community exists. At the same time the acquisition of Interbank of New York, is in accordance with the Group's policy for the effective utilisation of the new capital which will be raised through a public offering in Greece for the listing of the Bank of Cyprus shares on the Athens Stock Exchange.
The acquisition of Interbank of New York is subject to the approval of the Central Bank of Cyprus and the banking authorities of the U.S.A.
Tuesday, 18 April, 2000 - 00:00