THREE MAJOR DEALS AWAIT THE REGULATORS' GREEN LIGHT - KNews 6/9 by Panayiotis Rougalas
The Ancoria, CDB and payabl. transactions could bring changes for bank staff, customers and the wider payments market.
Three deals are currently awaiting regulatory approval. Although entirely different in nature, all three have one thing in common: they must pass through the supervisory process.
One is a new addition involving the wider financial sector, while the other two are strictly banking transactions.
Beginning with the oldest, the first is the acquisition of a majority stake in Ancoria Bank by XM’s major shareholders, Kostas Cleanthous and Charalambos Panayiotou.
The second involves Bank of Cyprus’ acquisition of a specified portfolio of performing loans, deposits and certain other assets and liabilities from CDB Bank.
The third is the deal between ECM Partners and payabl. Once regulatory approval is secured, ECM Partners will acquire 50% of the fintech company, while payabl. CEO Ugne Buraciene will acquire the remaining 50%.
All three deals are being closely examined by regulators in Cyprus and Europe.
Their approval would change Cyprus’ banking landscape and bring significant changes to the fintech sector.
According to information obtained by Kathimerini, approval of the CDB-Bank of Cyprus deal is not far away. CDB was first required to secure certain approvals of its own and meet a number of conditions.
One of those conditions, as Kathimerini previously reported, was the launch of a voluntary retirement scheme, which opened July 30.
So far, approximately 50 employees have opted to leave. Long-serving CDB staff are being offered compensation exceeding €200,000, closer to €250,000 in some cases.
More recently hired employees are also being offered generous packages, reportedly worth three times what the same employee might receive under a voluntary retirement scheme at another bank.
The proposed transaction includes the sale of approximately €150 million in performing loans and about €500 million in deposits.
Both parties have said the transfer is expected to take place essentially at par. CDB’s remaining assets and liabilities will continue to be serviced as normal, without any changes.
Ancoria process also moving forward
Regulators are also working through another approval process, which, although it has taken considerable time, is progressing, according to Kathimerini’s information.
The extensive application file submitted by XM’s major shareholders, Cleanthous and Panayiotou, was delivered to regulators in the summer of 2025—around a year ago.
The proposed ownership structure would give Cleanthous a stake of approximately 60% in Ancoria Bank and Panayiotou around 20%. The remaining shares would be retained by Sievert Larsson, who, until now, is Ancoria Bank’s largest shareholder.
Cleanthous and Panayiotou currently hold a combined stake of less than 10% in the bank. At that level, they did not require the regulatory approvals that have been under examination over the past year.
The new deal
The most recent deal revealed by Kathimerini involves changes to the ownership of fintech company payabl.
ECM Partners intends to acquire 50% of the company, while payabl.’s CEO plans to acquire the remaining half.
The transaction is expected to be worth well over €100 million. The acquisition file was submitted to regulators during the final week of August 2026.
Provided everything proceeds smoothly, approval is expected in October. Regulators were kept informed throughout the process.
The deal covers the whole of payabl., which has operations in Cyprus, Germany, the United Kingdom, the Netherlands, and Lithuania.
The role of regulators
According to the Central Bank of Cyprus’ annual report, the CBC carries out its institutional role by licensing and supervising a broad range of financial entities operating in the Republic of Cyprus.
Its supervisory function is intended to safeguard financial stability, ensure the smooth operation of the financial system, and maintain public confidence.
The CBC is responsible for licensing credit institutions and other financial organizations, examining and assessing applications under the applicable national and European regulatory frameworks.
It also evaluates the suitability of people who hold, or intend to assume, positions on the boards or in key management roles at supervised institutions.
The aim is to ensure that they possess the required experience, integrity, and professional competence.
