Cyprus Development Bank “officially” in private hands

The Central Bank of Cyprus granted its permission to the joint venture ‘Emerging Financial Partners’ (EFP) to acquire 100% of the share capital of the Cyprus Development Bank (CDB), while the official handover to be finalised Friday when Finance Minister Michalis Sarris will sign on behalf of the Cyprus government.

The government sold the CDB for EUR 75 mln.

The new Board will consist of 11 members, where two members of the CDB’s last BoD would remain in place. Adonis Papadopoulos, the major shareholder of EFP (with a 20% shareholding), stated that CDB will keep the same management and staff. EFP will focus on the development of the corporate and investment banking, the opening of a small network of branches and the expansion of activities of the Investment Bank of Kuban (IBK), subsidiary of CDB in Russia. At a later stage, EFP aims to develop the Bank’s activities in other markets. The team of the remaining investors includes, amongst others, CLR and OEV’s Chairman, Andreas Pittas.