News sources in Cyprus led by InbusinessNews and Cyprus business news They say that Costas Cleanthous, co -founder and chief executive of the FX and CFDS broker xm.com, is acquiring a majority in Accoria Bank, one of the largest banks in Cyprus.
The Cyprus banking sector has undergone unification, with Eurobank in the process of acquiring the Hellenic Bank. Earlier this year, Alpha Bank Cyprus agreed to buy Astrobank in an agreement of 205m euros.
According to sources, Costas Cleanthous and some other investors have reached a preliminary agreement on the acquisition of Tancoria Bank, with the acquisition being subject to approval by the Central Bank of Cyprus. The official request to the Central Bank is expected to be submitted in the coming days.
Under the terms of the agreement, Costas Cleanthous will reportedly acquire more than 50% of the bank’s shares, making the majority shareholder. In addition, businessman and banker Charalambos Panayiotou are also expected to increase his participation and after the conclusion of the deal is expected to maintain more than 20% of Tancoria Bank. Cleanthous and Panayiotou are currently less than 10% of the bank’s share capital.
Ancoria Bank’s expected future participation will be as follows:
- Costas Cleanthous – 55%
- Charalambos Panayiotou – 25%
- Authority fuses – 20%
Sources also noted that the Costas Cleanthous investment in Ancoria Bank is strictly personal and is in no way linked to XM.
The purpose of the investment, sources, is to create an independent, purely Cypriot commercial bank dedicated to supporting Cypriot entrepreneurship, local public and small to medium -sized enterprises (SMEs), thereby contributing to the wider Cypriot economy.
Ancoria Bank Ltd is an empty and registered Cypriot bank operating under the supervision of the Central Bank of Cyprus. The bank today offers a wide range of banking products and services for both individuals and businesses and has three banking centers located in Nicosia, Limassol and Larnaca.