The Central Bank will proceed with the authorization to Ancoria Bank to commence business as a credit institution.
According to the website of the CB, an approval to Ancoria Bank to commence business as a credit institution shall be provided, given that Ancoria Bank “fulfills the conditions laid down for this purpose”.
In its announcement, the bank says it will begin operations in Cyprus in 2015 with two branches, one in Nicosia and one in Limassol, under license secured from the Central Bank.
According to the announcement, the new bank will provide banking services with an emphasis in the areas of retail and SME business in Cyprus.
As mentioned, shareholders of the Ancoria Bank will be, by majority vote, the Swedish interests Ancoria Insurance, a company that operates in the field of life insurance and is registered and based in Cyprus since 1987, one of the founders of Ancoria Insurance, Sievert Larsson and the Sievert Larsson Scholarship Foundation.
A significant proportion of capital will be held by Cypriot individuals, it is added.