The Cyprus Development Bank (CDB) has expanded its range of services and is offering commercial banking facilities, geared to the needs of local and international corporations and institutional investors. At the same time, it continues to remain a flexible financial institution with emphasis on personal service.
The Cyprus Development Bank (CDB) established in 1963 by the government of Cyprus, CDB's initial financing activities covered a very broad spectrum of the economy's productive sectors, with emphasis on the fields of manufacturing and industrial processing. Capital was provided in the form of medium and long-term loans as well as equity and venture capital.
In 1991, CDB ceased to be 100% government owned, as the European Investment Bank, acquired 5.5% of CDB's share capital. In 1996 EIB's share capital was increased to 12%.
In 1999 following approval from the Central Bank of Russia, CDB establishmed the Investment Bank of Kuban with headquarters in the Krasnodar region. The new bank was established with the participation of the European Bank for Reconstruction and Development (EBRD) with 25% of the share capital, and the CDB with 75%.
In April 2001, the CDB obtained a banking licence from the Central Bank of Cyprus to provide the full range of banking operations in accordance with the existing banking law in Cyprus, including the granting of loans and guarantees of any nature, acceptance of all forms of deposits and performance of foreign exchange transactions.
In June 2007, the Government of Cyprus invited expressions of interest on Friday to dispose of its majority stake. CDB's assets in 2007 stand at CYP £231 million.
On February 7th, 2008 the Bank's ownership passed to private hands with the CDB successfully completing its life cycle as a Government owned developmental institution. The ownership change has been welcomed by the previous owners, the staff and the business community at large.
The envisaged way forward under the new ownership is to strengthen its Corporate and Investment Banking in Cyprus, including branch presence in major towns and expand IBK’s operations in Russia (IBK is now a wholly-owned subsidiary of CDB). In due course the Bank aims to widen its banking activities in neighbouring countries with business potential.
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