Bank of Cyprus completes acquisition of cdbbank assets

Bank of Cyprus has officially completed the acquisition of selected assets and liabilities of cdbbank, a move aimed at strengthening its loan portfolio and expanding its market share. The transaction, originally announced on March 23, 2026, involves the transfer of approximately €150 million in performing loans and €500 million in deposits to the Bank of Cyprus. The integration process is part of a broader strategy by the banking group to prioritize digital transformation and modern banking operations.

The Cyprus Union of Bank Employees (ETYK) played a pivotal role in the finalization of the deal, noting that negotiations had previously reached a stalemate that threatened the entire acquisition. Following intervention by the union, the Voluntary Early Retirement Scheme was significantly improved, raising the maximum compensation ceiling from €200,000 to €350,000. Additionally, the agreement guarantees that all cdbbank employees not opting for early retirement will be transferred to the Bank of Cyprus, retaining their existing service rights and benefits. The union confirmed it will continue to monitor the implementation of these terms closely to ensure professional stability for all transferred staff.