The Development Bank of Cyprus (CDB) is a development bank established in 1963. It is a publicly traded company with the aim of promoting the economic development of Cyprus. Key stakeholders initially included the Republic of Cyprus and the European Investment Bank. The bank was privatized in 2008.

History

The Development Bank of Cyprus was established in 1963. Its early shareholders included the Republic of Cyprus and the European Investment Bank.

In June 2007, the Cypriot government began seeking interest on its majority stake in the bank. By 2007, CDB's assets were reportedly 231 million pounds sterling. By 2008, the bank transitioned to private ownership, marking its departure from state ownership.

Bank of New York Mellon becomes the correspondent bank for the Cyprus Development Bank listed company (cdbbank) in 2024. The partnership aims to strengthen cdbbank's services to Cypriot and international clients.