Piraeus Bank becomes AstroBank
AstroBank, formerly Piraeus Bank Cyprus, unveiled its new name and brand identity on Wednesday.
Piraeus Bank Cyprus was acquired last December by a group of international investors led by the prominent Lebanese Banker and former Energy Minister, Maurice Sehnaoui.
Piraeus Bank Group will continue to participate in the new bank, with a share of 17.6%.
“Remaining true to its Cypriot roots but with its eyes resolutely set on the future, 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,” a press release said.
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 the Lebanese Prime Minister, Tammam Salam.
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 AstroBank is positioned to offer its clients competitive products and services to address all their financial needs.