CDB history

After a Canada/Commonwealth Caribbean Conference in 1966, a recommendation was made that a study be conducted to investigate the possibility of establishing a financial institution to serve the Commonwealth Caribbean countries and territories.

In addition to the large-scale displacement of the population, the Turkish invasion of Cyprus in 1974 paralyzed the local economy.

In 1984 a special consultancy division was established to support local entrepreneurs.

During 1990, the Cyprus Development Bank reaffirmed its ability to provide valuable consultancy services to semi-governmental organisations and municipalities, and executed a number of government projects and assignments.

In anticipation of Cyprus' accession to the European Community (EC), the Bank established its EC Centre in 1992, aimed mainly at providing advice on EC programmes and funding opportunities to local businessmen.

The highlight of 1999 was the long awaited approval from the Central Bank of Russia for the establishment of the Investment Bank of Kuban with headquarters in the Krasnodar region.

Following the successful conclusion of the Bank’s 45-year life cycle as a government-owned developmental institution, the Bank was privatized early in 2008.

In 2010, cdbbank launched its first International Corporate Banking in Nicosia in an effort to serve both individual and corporate international clients.