The Central Bank of Cyprus (CBC) has revealed that it expects to conclude its approval of Ancoria Bank within the coming months, thus allowing the bank to begin operations in 2015.
"The Central Bank of Cyprus will proceed with the granting of approval to Ancoria Bank Limited for commencement of business as a Credit Institution provided that the former is satisfied that the conditions imposed for this purpose have been fulfilled," the CBC stated on its website.
A press release issued by Ancoria Bank noted it will commence its operations in the following year with 2 branches, one in Nicosia and one in Limassol, following the receipt of its license.
Ancoria Bank is to offer “a range of banking services, with an emphasis on the retail and small and medium enterprises sector,” the company explained.
The majority shareholders of Ancoria Bank will be Ancoria Insurance, a company of Swedish origin operating in the life insurance sector, which has been registered and based in Cyprus since 1987.
Additional shareholders will include Sievert Larsson, one of Ancoria Insurance’s founders, and the Sievert Larsson Scholarship Foundation.
The press release added that a number of Cypriot individuals will also hold a significant percentage of the share capital.