- XM.com CEO Costas Cleanthous plans to acquire over 50% stake in Ancoria Bank, pending regulatory approval in Cyprus.
Costas Cleanthous, co-founder and CEO of retail FX and CFDs broker XM.com, is preparing to acquire a majority stake in Ancoria Bank.
Sources confirm that Cleanthous, along with a group of investors, has reached a preliminary agreement to purchase over 50% of the bank’s shares. The acquisition is now pending approval from the Central Bank of Cyprus.
Businessman Charalambos Panayiotou is also increasing his stake, which will rise to 25% post-deal. Cleanthous’ investment aim is to build a fully independent, Cypriot-owned bank that supports local businesses and SMEs.
