XM.com CEO Costas Cleanthous acquiring control of Cyprus bank Ancoria

Information sources in Cyprus led by InBusinessNews and Cyprus Business News are reporting that Costas Cleanthous, the co-founder and CEO of Retail FX and CFDs dealer XM.com, is buying a majority stake in Accoria Financial institution, considered one of Cyprus largest banks.

Cyprus’ banking sector has been present process consolidation, with Eurobank in technique of buying Hellenic Financial institution. Earlier this 12 months Alpha Financial institution Cyprus agreed to purchase AstroBank in a €205 million deal.

In keeping with the sources, Costas Cleanthous and sure different traders have reached a preliminary settlement to accumulate Ancoria Financial institution, with the acquisition topic to approval by the Central Financial institution of Cyprus. The official request to the central financial institution is predicted to be submitted within the coming days.

Underneath the phrases of the settlement, Costas Cleanthous will reportedly purchase greater than 50% of the financial institution’s shares, making him the first majority shareholder. As well as, businessman and banker Charalambos Panayiotou can also be set to extend his shareholding, and after the settlement’s completion, is predicted to carry greater than 20% of Ancoria Financial institution. Presently, Cleanthous and Panayiotou collectively maintain lower than 10% of the financial institution’s share capital.

The anticipated future shareholding of Ancoria Financial institution can be as follows:

• Costas Cleanthous – 55%
• Charalambos Panayiotou – 25%
• Ancoria Insurance coverage – 20%

The sources additionally famous that Costas Cleanthous’ funding in Ancoria Financial institution is strictly private, and is under no circumstances linked to XM.

The aim of the funding, sources point out, is to ascertain an unbiased, purely Cypriot industrial financial institution devoted to supporting Cypriot entrepreneurship, the native public, and small to medium-sized enterprises (SMEs), thereby contributing to the broader Cypriot financial system.

Ancoria Financial institution Ltd is a licensed and registered Cypriot financial institution working underneath the supervision of the Central Financial institution of Cyprus. The financial institution presently presents a variety of banking services and products for each people and companies and operates three banking facilities situated in Nicosia, Limassol, and Larnaca.