Cyprus Development Bank

Cyprus Development Bank
Κυπριακή Τράπεζα Αναπτύξεως
Company type
Public
IndustryFinance
Founded1963; 63 years ago (1963)
Headquarters
Nicosia
,
Cyprus
Area served
Cyprus
Key people
Loucas Marangos (CEO), Christodoulos Patsalides (Chairman)
Productsconsumer banking, corporate banking, investment banking, mortgage loans, private banking, wealth management
Subsidiaries
  • Novasys Information Services
  • Investment Bank of Kuban
  • Enalion Environmental Management Centre
  • Cdb Capital
Websitewww.cdb.com.cy

The Cyprus Development Bank (CDB), (Κυπριακή Τράπεζα Αναπτύξεως) is a development bank founded in 1963. It was set up as a public company to foster economic advancement in Cyprus. The primary stakeholders initially included the Republic of Cyprus and the European Investment Bank. The bank was privatized in 2008.[1]

History

Established in 1963, the Cyprus Development Bank's early shareholders comprised the Republic of Cyprus and the European Investment Bank.

In June 2007, the Cyprus government began seeking interest for its majority stake in the bank.[2] By 2007, CDB's assets were reported to be at CYP £231 million.[3] By 2008, the bank transitioned to private ownership, marking its departure from state ownership.[citation needed]

The Bank of New York Mellon became the correspondent bank for the Cyprus Development Bank Public Company (cdbbank) in 2024. This partnership aims to enhance cdbbank's services to clients in Cyprus and internationally. [4]

See also

References

  1. ^ "Milestones in Our History". The Cyprus Development Bank. Archived from the original on 2007-07-08. Retrieved 2007-06-15.
  2. ^ "Cyprus Dev Bank tenders for 81% stake sale released". Financial Mirror. 2007-06-14. Archived from the original on 2007-09-28. Retrieved 2007-06-15.
  3. ^ "Cyprus seeks investors for Development Bank". Reuters. The Economic Times Fri, 15 June 2007. 15 June 2007. Retrieved 2007-06-15.
  4. ^ "CDB Bank announces partnership with Bank of New York Mellon". Cyprus Mail. Retrieved 31 May 2024.
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