Cyprus Development Bank

The Cyprus Development Bank (CDB), (Κυπριακή Τράπεζα Αναπτύξεως), is a development bank that was established in 1963 as a public company to promote economic development in Cyprus. Its main shareholders were the Republic of Cyprus and the European Investment Bank. It was privatized in 2008.[1]

Cyprus Development Bank
Κυπριακή Τράπεζα Αναπτύξεως
TypePublic
IndustryFinance
Founded1963 (1963)
Headquarters
Nicosia
,
Cyprus
Area served
Cyprus
Key people
Costas Argyrides (CEO), Kyriacos Christofi (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

History

The Cyprus Development Bank was established in 1963 as a public company with shareholders as the Republic of Cyprus and the European Investment Bank.

In June 2007, the Government of Cyprus invited expressions of interest on Friday to dispose of its majority stake.[2] CDB’s assets in 2007 stand at CYP £231 million.[3] In 2008 the bank was fully privatized and no longer belongs to the Cypriot state.

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.


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