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Ancoria Bank to start operating in 2015

12/11/2014 11:30
The Central Bank of Cyprus said on Tuesday it will proceed with the granting of a banking business licence to Ancoria Bank.

"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" CBC said on its website.

A press release issued by Ancoria Bank said it will start its operations in Cyprus in 2015 with 2 branches, one in Nicosia and one in Limassol, after having been granted a banking license by the Board of Directors of the Central Bank.

The Bank said it will offer “a range of banking services, with an emphasis on the retail and small and medium enterprises sector”.

The shareholders of Ancoria Bank will be, by majority, Ancoria Insurance, a company of Swedish origin operating in the life insurance sector which is registered and based in Cyprus since 1987, one of the founders of Ancoria Insurance, Mr Sievert Larsson and the Sievert Larsson Scholarship Foundation, the announcement said.

Α number of Cypriot individuals will hold a significant percentage of the share capital, it added.