Panayiotis Rougalas
Bank of Cyprus (BOC) has acquired cdbBank, taking over only the financially healthy assets of the smaller lender, according to sources close to the deal.
After months of discussions, the two banks agreed to transfer serviced loans totaling roughly €150 million and deposits around €500 million into BOC’s portfolio. Non-performing loans will remain with cdbBank, which will continue as a separate entity. The asset transfer is expected to occur at par value.
The move aligns with BOC’s strategy of pursuing acquisitions that add value to the group. During a recent “Investor’s Update,” bank executives said they are keeping their eyes open for opportunities to strengthen the bank through selective purchases.
cdbBank’s board of directors is scheduled to meet on Monday, with the acquisition likely to be a key agenda item.
The bank’s shareholder structure is diverse, with the largest stakes held by Path Holdings Ltd. (18.94%), Menelaos Shiacolas (16.31%), and 7Q Invest AIF V.C.I.C. PLC I Multi Opportunities (15.44%). Other notable shareholders include Delphis Investments Ltd (14.01%), 8Safe International Ltd (9.90%), Intergaz Ltd (9.49%), Leon Investment SARL (4.86%), Leonidas Ioannou (3.49%), Adamos Christodoulou (1.61%), Lonyas Holding Ltd (0.80%), Alexandros Papas (0.22%), Argyro Nicolaou (0.20%), Panikos Katsouris (0.11%), and Antonios Yerolemou (0.07%).
By acquiring only the healthy assets, BOC avoids taking on the non-performing loans of cdbBank while expanding its portfolio of performing loans and deposits, strengthening its presence in the local banking sector.
