Bank of Cyprus completes acquisition of assets from CDB Bank

On October 21, 2026, the Bank of Cyprus announced the completion of its acquisition of a portfolio of performing loans and deposits from the Cyprus Development Bank (CDB). The transaction, which was initially agreed upon on March 26, 2026, involves loans valued at approximately €130 million and deposits totaling roughly €440 million, alongside other specific assets and liabilities.

The deal was executed at a price near the book value, with an estimated discount on the transferred assets of about €2.8 million. The transaction is expected to have a modest positive impact on the Bank of Cyprus's income statement, while its effect on capital is limited to approximately 30 basis points. The acquisition aligns with the bank's medium-term strategy to expand its loan and deposit base.

While the accounts have been legally transferred, customers are not required to take any action at this time. A transitional period is currently in effect during which clients will continue to be served through existing CDB bank channels. The Bank of Cyprus plans to complete the technical integration of these accounts into its systems at a later date, promising to inform customers of the transition process in due course.