Cypriot entrepreneur Costas Cleanthous, co-founder and CEO of the global retail trading platform XM.com, is poised to acquire a majority stake in Ancoria Bank, marking a significant development in Cyprus’ rapidly consolidating banking sector.

According to sources, Cleanthous has reached a preliminary agreement—alongside other investors—to purchase over 50% of Ancoria Bank’s shares. The deal, which awaits approval from the Central Bank of Cyprus, is set to make Cleanthous the bank’s controlling shareholder with an estimated 55% stake. The acquisition is being made in a personal capacity, and will not involve XM.com.

Also participating in the deal is businessman and banker Charalambos Panayiotou, who is expected to raise his stake to 25%. Ancoria Insurance will retain a 20% share, completing the new ownership structure. Prior to this agreement, Cleanthous and Panayiotou jointly held less than 10% of the bank's share capital.

This move comes at a time when Cyprus’ banking landscape is experiencing major realignments. Eurobank is in the process of acquiring Hellenic Bank, while Alpha Bank Cyprus recently announced a €205 million deal to purchase AstroBank. Within this context, Cleanthous aims to establish Ancoria as a fully Cypriot-owned commercial bank with a mission to support local entrepreneurs, SMEs, and the wider public.

Founded and licensed in Cyprus, Ancoria Bank currently operates branches in Nicosia, Limassol, and Larnaca, serving both individuals and businesses. The bank reported €4.2 million in profits during the first half of 2024, down from €8.3 million at the end of 2023. Customer deposits reached €742.9 million by June 2024, while gross loans stood at €322.2 million. Notably, the bank maintains a low non-performing loan ratio of 1.8%.