In a significant development within Cyprus’ banking landscape, the process of businessman Costas Cleanthous acquiring the majority stake in Ancoria Bank is on the cusp of a crucial milestone. As reported by InBusinessNews, the application for this transaction, which is required to be submitted to the Central Bank for approval, is nearly complete. It is anticipated that the application will be presented to the Central Bank in the near future for a thorough examination and subsequent decision – making.
The process of submitting a request to acquire or increase participation in a licensed credit institution in the Republic of Cyprus is known to be arduous and time – consuming. This is because a vast array of documents and information, essential for the proper evaluation of such requests, must be provided. It was at the end of April that Ancoria Bank and Costas Cleanthous reached a preliminary agreement. Under the terms of this agreement, Cleanthous is set to acquire the majority stake in the bank. Currently, Cleanthous, in tandem with businessman and banker Charalambos Panayiotou – who is also increasing his stake in Ancoria Bank – jointly own less than 10% of the bank’s share capital. However, upon the successful completion of the transactions, subject to receiving the necessary regulatory approvals, Costas Cleanthos will own around 55% of the bank, while Panayiotou will hold close to 25%. Together, they will control approximately 80% of Ancoria Bank. It is important to note that Cleanthos’ further investment in Ancoria Bank is strictly a personal venture and has no connection with XM.
Looking at the entrepreneur’s goals, Cleanthos aims to establish an independent, wholly Cypriot commercial bank through this investment and stake increase in Ancoria Bank. The bank is envisioned to be a pillar of support for Cypriot businesses, the local public, and small and medium – sized enterprises (SMEs), thereby bolstering the Cypriot economy. The overarching objective is to develop the bank in a rational manner, creating an institution that is renowned for its personalized service, in line with traditional banking values. The bank is also expected to offer flexibility, immediate service, secure operations with transparent and clear procedures, and a strong personal touch for all customers. According to the investor’s plan, SMEs, which are considered the backbone of the Cypriot economy and entrepreneurship, will receive special emphasis. Cleanthos’ vision for Ancoria Bank is to transform it into the most reliable and efficient financial partner for its customers. Additionally, he hopes to attract new customers through enhanced services and core values, ultimately redefining the banking experience with the aid of technology and personalized customer relationships.
Related topics
