Bank of Cyprus Public Company Ltd announces the completion of the acquisition of a portfolio of performing loans and deposits, as well as certain other assets and liabilities, from the Cyprus Development Bank Public Company Limited (cdbbank).

On this occasion, Bank of Cyprus welcomes cdbbank customers and thanks those who are already customers of the Bank for their continued trust.

This development follows the agreement for the acquisition of a portfolio of performing loans and deposits concluded on 26 March 2026. Following completion of the transaction, the affected accounts have been legally transferred to Bank of Cyprus. The Bank assures customers that it is working to ensure that the transition and technical migration of the accounts to its systems are carried out as smoothly and securely as possible, with uninterrupted customer service remaining its priority.

What the transfer means for customers

The technical migration of the accounts to Bank of Cyprus systems will be completed at a later stage, upon the end of the Transition Period. Until then, customers’ day-to-day banking arrangements remain unchanged, and no action is required on their part. Specifically:

• Customers will continue to be served through cdbbank branches and electronic banking channels.
• Existing cdbbank accounts, IBANs and debit cards will remain valid.
• Standing orders, direct debits and payments, such as salary payments, will continue to operate as usual.
• Loan repayments will continue in the same manner through cdbbank. The key terms of existing loans will remain unchanged, and there will be no immediate change to interest rates on deposit accounts.

Once the technical migration has been completed and the relevant products begin to be serviced directly through Bank of Cyprus systems, customers will be informed in a timely manner. Bank of Cyprus will provide advance guidance regarding new account details/IBANs, new cards and digital banking access instructions, where required.

For more information, please visit the Bank of Cyprus website by clicking here.