Bank of Cyprus completes acquisition of CDB assets

On Wednesday, October 21, 2026, the Bank of Cyprus finalized the acquisition of a portfolio of performing loans valued at approximately €130 million and deposits totaling roughly €440 million from the Cyprus Development Bank (CDB). The transaction received all necessary regulatory approvals after the initial agreement was reached in March 2026.

The acquisition, which includes substantially all of CDB’s performing loans and deposits along with related assets and liabilities, was executed at a price near the book value. CDB reported a total estimated discount on the transferred assets of about €2.8 million, with the remaining balance settled in cash. Bank of Cyprus Holdings expects a modest positive impact on its income statement, noting that the deal will have an effect of approximately 30 basis points on its capital.

This move aligns with the Bank of Cyprus’s strategic goals to expand its performing loans and deposit base. The group noted that the transaction was conducted on standard commercial terms to strengthen its overall customer base. Both banks confirmed that the transfer of assets and liabilities has now been fully concluded.