Cyprus Development Bank stake to be offloaded

The Council of Ministers has backed a proposal submitted by the Ministry of Finance to dispose the States’ 88% participation in the share capital of the Cyprus Development Bank (CDB) to a strategic investor.

The Council of Ministers authorised the Finance Minister to proceed with a open tender offer for the disposal of the State’s participation in CDB’s share capital. Press reports stipulate that foreign investors including banks and other private investors have expressed their interest to acquire the State’s participation. HSBC is acting as the State’s financial advisor.