Cyprus Development Bank
{{Infobox company
| name = Cyprus Development Bank
Κυπριακή Τράπεζα Αναπτύξεως
| logo = Cyprus Development Bank logo.svg
| type = Public
| foundation = {{start date and age |1963}}
| location_city = Nicosia
| location_country = Cyprus
| key_people = Loucas Marangos (CEO), Christodoulos Patsalides (Chairman)
| area_served = Cyprus
| industry = Finance
| products = consumer banking, corporate banking, investment banking, mortgage loans, private banking, wealth management
| revenue =
| operating_income =
| net_income=
| num_employees =
| parent =
| subsid = {{ubl |Novasys Information Services |Investment Bank of Kuban |Enalion Environmental Management Centre | Cdb Capital}}
| homepage = {{URL |http://www.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.{{cite web |url=http://www.cdb.com.cy/nqcontent.cfm?a_id=455 |title=Milestones in Our History |access-date=2007-06-15 |publisher=The Cyprus Development Bank |url-status=dead |archive-url=https://web.archive.org/web/20070708085620/http://www.cdb.com.cy/nqcontent.cfm?a_id=455 |archive-date=2007-07-08 }}
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.{{cite news|title=Cyprus Dev Bank tenders for 81% stake sale released |date=2007-06-14 |url=http://www.financialmirror.com/more_news.php?id=7285&nt=Politics |work=Financial Mirror |access-date=2007-06-15 |archive-url=https://web.archive.org/web/20070928090109/http://www.financialmirror.com/more_news.php?id=7285&nt=Politics |archive-date=2007-09-28 |url-status=dead }} By 2007, CDB's assets were reported to be at CYP £231 million.{{cite news | title=Cyprus seeks investors for Development Bank | date=15 June 2007 | publisher=The Economic Times Fri, 15 June 2007 | url =http://economictimes.indiatimes.com/News/International__Business/Cyprus_seeks_investors_for_Development_Bank/articleshow/2125496.cms | work =Reuters | access-date = 2007-06-15 }} By 2008, the bank transitioned to private ownership, marking its departure from state ownership.{{Citation needed|date=October 2023}}
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. {{cite web |title=CDB Bank announces partnership with Bank of New York Mellon |url=https://cyprus-mail.com/2024/05/31/cdb-bank-announces-partnership-with-bank-of-new-york-mellon/ |website=Cyprus Mail |access-date=31 May 2024}}
References
{{Reflist}}
External links
- [https://thebanks.eu/banks/10903 Bank Profile: The Cyprus Development Bank Public Company Ltd]
{{Portal|Banks}}
{{Authority control}}
Category:Banks established in 1963
Category:1963 establishments in Cyprus
Category:Companies based in Nicosia
Category:Companies listed on the Cyprus Stock Exchange
{{Cyprus-stub}}