Cyprus & World News

BANKING: New player in Cyprus – Piraeus renamed AstroBank

05 April, 2017

AstroBank (formerly Piraeus Bank Cyprus) unveiled its new name and brand identity at a special event in the presence of Finance Minister Harris Georgiades and other guests. The bank aspires to cater to both local and international clients, building on the combined experience of its new shareholders and Board of Directors and the extensive expertise of its personnel.


Piraeus Bank Cyprus was acquired last December by a group of international investors led by the Lebanese banker and former Energy Minister Maurice Sehnaoui, while Greece’s Piraeus Bank Group remains with a minority stake of 17.6%.
AstroBank is chaired by Dr. Shadi A. Karam, a seasoned banker and businessman who has also served as Senior Economic Advisor to the former President of Lebanon, General Michel Sleiman and, subsequently, to rime Minister Tammam Salam. The new team brings a wealth of international experience to enhance the local knowhow of the staff and ensure dynamic growth.
In his address, Maurice Sehnaoui stressed that his team of investors had been impressed by Cyprus’ successful completion of its economic adjustment programme which demonstrated the strong economic fundamentals of the island and the capacity of the Cypriot people to successfully overcome the crisis they were drawn into. He added that the high sense of political responsibility demonstrated by the country’s leadership and their support for private enterprise has boosted confidence and created a climate of stability and sustainability that underscores the many facets of the promising opportunities Cyprus offers.
Dr. Karam said that the three development pillars of AstroBank are innovation, professionalism and quality service, adding that the bank is positioned to offer its clients competitive products and services to address all their financial needs.
Also addressing the event, Non-Executive Director Constantinos St. Loizides and previous Chairman of Piraeus Bank Cyprus said that “the new bank builds on the foundation of Piraeus Bank Cyprus, one of Cyprus’ most tenacious and stable banks having endured the recent economic crisis. The new investors and owners are taking a bank with history and strength and are transforming it into Cyprus’ newest, dynamic player on the local banking scene”.