Cyprus Development Bank

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]

Cyprus Development Bank
Κυπριακή Τράπεζα Αναπτύξεως

Company type	Public
Industry	Finance
Founded	1963; 62 years ago (1963)
Headquarters	Nicosia , Cyprus
Area served	Cyprus
Key people	Loucas Marangos (CEO), Christodoulos Patsalides (Chairman)
Products	consumer 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
Website	www.cdb.com.cy

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]