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 Cyprus (), officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. Situated in West Asia, its cultural identity and geopolitical orientation are overwhelmingly Southeast European. Cyprus is the third lar ...

and the

European Investment Bank The European Investment Bank (EIB) is the European Union's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt sol ...

. The bank was privatized in 2008.

History

Established in 1963, the Cyprus Development Bank's early shareholders comprised the

and the

. In June 2007, the Cyprus government began seeking interest for its majority stake in the bank. By 2007, CDB's assets were reported to be at CYP £231 million. By 2008, the bank transitioned to private ownership, marking its departure from state ownership. 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.

References

External links

Bank Profile: The Cyprus Development Bank Public Company Ltd
Banks established in 1963 1963 establishments in Cyprus Companies based in Nicosia Banks of Cyprus Companies listed on the Cyprus Stock Exchange {{Cyprus-stub