Two smaller banks change hands in Cyprus

Developments involving two smaller Cypriot banks are reshaping the country’s banking sector, pointing to further consolidation successful an manufacture that has steadily strengthened successful caller years.

The transactions interest Ancoria Bank and CDB Bank. Ancoria is expected to undergo a important ownership alteration erstwhile regulatory approvals are completed. A elaborate exertion submitted by large XM shareholders Kostas Kleanthous and Charalambos Panayiotou is still under review. Regulators are reportedly examining a bid of questions and information points earlier making a decision.

In the lawsuit of CDB Bank, Bank of Cyprus has already announced the acquisition of the “healthy” portion of the bank, including selected loans, deposits and different assets and liabilities. 

Market sources accidental some processes are still ongoing and stay subject to regulator approvals.

These moves are apt to beryllium among the last large transactions successful the Cypriot banking sector, barring immoderate unexpected developments, leaving six banks operating by the extremity of the year: Bank of Cyprus, Eurobank Ltd., Alpha Bank Cyprus, National Bank of Greece (Cyprus), Ancoria Bank and Societe Generale Cyprus.