Ancoria Holdings Limited has today submitted an application for the licensing of a new bank in Cyprus to the Governor of the Central Bank of Cyprus (CBC) in the presence of CBC officials.
The Governor of the CBC, Panicos Demetriades, welcomed the new application, stating that this will be assessed as soon as possible, based on specific criteria which must be met by all applicants. These criteria include corporate governance regulations and European directives covering the conduct of banking operations.
Messrs Dinos Christofides, Sievert Larsson, Ioannis Loizou and Christos Papoutsas on behalf of Ancoria Holdings Limited, together with their consultants Deloitte Cyprus, proceeded with the application, noting that this is a vote of confidence in Cyprus’s financial sector and reflects their expectations of a rapid economic recovery and a return to growth.
The new bank will be of European origin and if the application is approved, its activities will be focused on domestic SMEs.