How Costas Cleanthous’ acquisition of the majority stake in Ancoria Bank is progressing

The process of acquiring the majority stake in Ancoria Bank by businessman and co-founder of XM, Costas Cleanthos, is entering its final and most decisive stage.

According to the latest information uncovered by InBusinessNews, the application that concerns the transaction and must be submitted to the Central Bank for approval is almost ready and is expected to be presented before the Central Bank soon for examination and decision-making.

It is noted that the process of submitting a request to acquire or increase participation in a licensed credit institution established in the Republic of Cyprus is quite time-consuming and demanding, since many documents and information which are necessary for the examination of such requests are required.

It is recalled that Ancoria Bank and Costas Cleanthous reached an agreement in principle at the end of April, under which Cleanthous will acquire the majority stake in the bank.

Today, Cleanthous, together with businessman/banker, Charalambos Panayiotou, who is also increasing his stake in Ancoria Bank, jointly own a percentage that does not exceed 10% of the bank's share capital.

Upon completion of the transactions, after receiving the necessary regulatory approvals, Costas Cleanthos will own over 50% (around 55%), while Panayiotou will own close to 25%. Together, both will control around 80%.

It is worth emphasising that Cleanthos' further investment in Ancoria Bank is purely personal and is not connected in any way to XM.

The entrepreneur’s goals

As InBusinessNews recently reported, through the investment and increase in his stake in Ancoria Bank, Cleanthous aims to create an independent, purely Cypriot commercial bank to support Cypriot business, the Cypriot public and Cypriot small and medium-sized enterprises, and by extension the Cypriot economy.

The ultimate goal is also the rational development of the bank and the creation of a bank that will stand out for its personal service, traditional personalised banking service, flexibility, immediacy in service, safe service with transparent and clear procedures, as well as personal service to all customers.

Based on the investor's plan, special emphasis will be placed on supporting small and medium-sized enterprises, which are considered to be the backbone of the economy and Cypriot entrepreneurship.

According to the same information sourced by InBusinessNews, Cleanthos' vision for Ancoria Bank is to evolve the bank into the most reliable and efficient financial partner for its customers, but also to attract new customers through upgraded services and values, with the aim of redefining the banking experience, with the help of technology and personal relationships with customers.

(Source: InBusinessNews)