The Cyprus Development Bank (CDB) is a prominent financial institution in Cyprus, dedicated to supporting the economic development of the country. Established in 1963, CDB has a rich history of providing financial services that help businesses and individuals grow and innovate.
Mission and Vision
The main mission of CDB is to promote economic progress in Cyprus. This is achieved by offering various financial products and services that cater to the needs of different sectors, including small and medium-sized enterprises (SMEs), large corporations, and individual entrepreneurs. The bank’s vision is to be a key driver of sustainable development, ensuring that its activities contribute positively to the economy and society.
Services Offered
CDB offers a wide range of services:
- Business Loans: The bank provides loans to businesses for various purposes, such as expanding operations, purchasing equipment, or investing in new projects. These loans are tailored to meet the specific needs of each business, ensuring flexible terms and competitive interest rates.
- Investment Services: CDB helps businesses and individuals make smart investment decisions. They offer advice on investment opportunities and manage investment portfolios to maximize returns.
- Advisory Services: Beyond just financing, CDB provides expert advice to businesses on how to grow and manage their operations effectively. This includes strategic planning, market analysis, and financial management.
- Trade Finance: To support international trade, CDB offers services like letters of credit and export financing. These services help businesses manage the financial risks associated with trading internationally.
- Current Accounts: CDB offers current accounts in all major currencies, designed to suit your banking needs and help you manage your daily finances. As a CDB account holder, you will be assigned a Personal Client Relationship Officer who will support and assist you in maximizing the benefits of your account. Services offered through a current account include:
- Payment transactions
- Bill payments
- Deposit and withdrawal transactions
- Multi-currency transactions
- Online and phone banking
- Fund transfers within the Bank and to other local or international banks
- Cheque book orders
- Debit cards
- Stop payment instructions
- Statements of account
- Account maintenance updates
How to Apply: For new clients, the following documents are required:
- For adults: Identity card, proof of permanent address (e.g., a recent utility bill), and proof of income (e.g., salary advice, social insurance statement).
- For minors (under 18): Birth certificate, identity card, legal guardian’s identity card, and proof of permanent address of the guardian.
Our experienced Client Relationship Officers are always available to assist and guide you through every step towards opening a new account.
- Safe Deposit Boxes: Store your valuables securely with CDB’s safe deposit box service, available at our Nicosia and Limassol branches. Benefits include:
- High security with vault, alarm, and dual key protection.
- Maximum comfort, confidentiality, and safety.
- Three different sizes to suit your specific needs.
- Fixed annual rent based on the size of the safe deposit box.
- Four free visits per year during regular banking hours.
Why Choose a Safe Deposit Box: A safe deposit box is an ideal and cost-effective choice for storing and protecting valuables such as jewelry, family heirlooms, important documents, and collectibles like gold or silver coins.
How to Apply: You can apply for a safe deposit box at CDB branches, over the phone, or online. Terms and conditions apply.
- Foreign Exchange Trading: In today’s global business environment, CDB offers foreign exchange services that meet modern business requirements. With access to a wide range of currency options and highly competitive rates, CDB ensures a personalized and convenient service for all your foreign exchange needs. Whether moving funds between internal currency accounts or executing international payments, CDB provides:
- A dedicated team with extensive experience in the currency market.
- In-depth market insights and advice on financial market status.
- Competitive rates on currency exchanges and favorable trading terms.
- Fixed-Term Deposits: A fixed-term deposit account at CDB allows you to earn higher interest rates than a regular savings account. With various tenor options—1, 2, 3, 6, 9, and 12 months, as well as custom periods like 125 days or 5 months—you can select the duration that best meets your financial goals. Key benefits include:
- Fixed interest rate and secured income.
- Interest payable at maturity, monthly, quarterly, or yearly, depending on the chosen term.
- No minimum deposit amount required.
- No charges for opening and maintaining the account.
- Up to €100,000 secured per person under the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme*.
Why Choose a Fixed-Term Deposit Account:
- Secures a fixed return on your investment.
- Higher interest rates compared to savings accounts.
- Encourages the habit of saving.
- Easily liquidated in case of cash flow shortfalls.
- Can be used as collateral for obtaining a credit facility.
How to Apply:
- Existing Clients: Contact your personal Client Relationship Officer (CRO) via email, mail, fax, or the website.
- New Clients: Reach out to our experienced CROs for guidance or submit your initial request via email, mail, fax, or the website.
For permanent residents of Cyprus, a special contribution for defense is deducted from the total interest earned on your deposits. Non-residents can avoid this deduction by submitting the relevant form from the Ministry of Finance to the bank.
*The Deposit Guarantee and Resolution of Credit and Other Institutions Scheme (DGS) is based on the relevant legal framework, including the Business of Credit Institutions Law and the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme Law of 2016.
Focus on Innovation
One of the key focuses of CDB is innovation. The bank actively supports tech startups and innovative projects that have the potential to transform industries. By providing funding and advisory services to these ventures, CDB helps foster a culture of innovation and technological advancement in Cyprus.
Sustainable Development
CDB is committed to promoting sustainable development. The bank funds projects that have a positive environmental and social impact. This includes investments in renewable energy, energy efficiency, and other green initiatives. By supporting such projects, CDB aims to contribute to a more sustainable future for Cyprus.
Challenges and Opportunities
Like any financial institution, CDB faces various challenges, including economic fluctuations and changing market conditions. However, the bank views these challenges as opportunities to innovate and improve its services. By staying adaptable and responsive to the needs of its clients, CDB continues to play a crucial role in Cyprus’s economic development.
Conclusion
The Cyprus Development Bank is more than just a bank; it is a catalyst for growth and innovation. Through its wide range of financial and advisory services, CDB supports businesses and individuals in achieving their goals. By focusing on sustainable development and innovation, the bank ensures that its contributions positively impact the economy and society of Cyprus.