Banking Licence
In April 2001, the CDB obtained a banking licence from the Central Bank of Cyprus to provide the full range of banking operations in accordance with the existing banking law in Cyprus, including the granting of loans and guarantees of any nature, acceptance of all forms of deposits and performance of foreign exchange transactions
In June 2007, the Government of Cyprus invited expressions of interest on Friday to dispose of its majority stake. CDB’s assets in 2007 stand at CYP £231 million.
Read more about this topic: Cyprus Development Bank
Famous quotes containing the word banking:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)