Frequently Asked Questions (FAQs)
Bank of Cyprus has acquired a portfolio of performing loans and deposits and certain other assets and liabilities of cdbbank. The Frequently Asked Questions below have been prepared to provide you with key information about the transfer and what it means for you.
Note: In these FAQs, references to "you", "customer" or "customers" mean customers of cdbbank whose relevant products and services form part of the transaction with BoC, whether such customers are physical persons or legal entities.
1) What is the transaction between The Cyprus Development Bank Public Co Ltd (cdbbank) and Bank of Cyprus Public Company Limited (BoC)?
The transaction between cdbbank and BoC relates to the sale of a portfolio of performing loans and overdraft facilities, deposit accounts and certain other assets and liabilities by cdbbank to BoC.
The transaction is expected to be completed within October 2026, upon the transfer of the portfolio by cdbbank to BoC.
2) How will the transfer affect my accounts?
Until your accounts are migrated to BoC’s systems, you should continue to use your existing cdbbank account, IBAN, card and banking channels as usual.
Once migration takes place, BoC will service the relevant products and you will be provided with the new details you need, including any new account and/or IBAN details, new card information and digital banking instructions, where applicable. BoC will inform you in advance of any actions you may need to take.
3) What is the Transition Period?
The Transition Period is the period between a) the legal transfer of the relevant products and services to BoC and b) their migration to BoC's systems.
4) How long will the Transition Period take?
BoC is working to complete the transition as soon as reasonably possible, and you will be informed by BoC in advance once the relevant dates and any required actions are confirmed. The exact timing remains subject to the completion of the necessary operational and technical steps.
5) Will I still be able to use my account during the Transition Period?
During the Transition Period, you will continue using your existing cdbbank accounts, cards, IBANs and service channels as usual, including branches and internet banking services, with BoC’s support where required, and cdbbank will remain your primary point of contact.
BoC and cdbbank are working together to ensure a smooth transition and you will be informed in advance by BoC of any changes or actions required from them.
6) Can I continue visiting my usual cdbbank branch?
Yes. During the Transition Period, you may continue to use the existing cdbbank service channels, including the branch, as you do today.
After migration, your banking services will be provided through BoC's branch network and other BoC service channels. Further practical information, including any changes to servicing arrangements, will be communicated to you by BoC in advance.
7) Will I be able to continue using my debit card during the Transition Period?
Yes. You will be able to continue using your existing debit card during the Transition Period.
8) Will my account number or IBAN change?
Your existing account number and IBAN will continue to be the same during the Transition Period.
BoC will provide you in advance with any new account and/or IBAN details, together with any instructions you may need to follow. You will be able to use your new BoC account after the end of the Transition Period.
9) Will online banking continue to be available?
Yes. During the Transition Period, you will continue to have access to cdbbank’s existing internet banking services.
After migration, customers who already use the digital banking channels of Bank of Cyprus will continue using their existing Bank of Cyprus credentials. Customers who do not currently use the digital banking channels Bank of Cyprus will receive instructions on how to activate and access them before the end of the Transition Period.
10) Will standing orders and direct debits be affected?
No. The standing orders and direct debits will continue to operate as they do today.
11) Can I continue receiving payments to my existing account until migration to BoC’s systems?
Yes. Until your account is migrated to BoC’s systems, you may continue to receive payments into your existing cdbbank account.
BoC will inform you in advance of any changes that may affect how payments are received after migration of the accounts to BoC’s systems, including any need to use a new IBAN.
12) Will my salary continue to be paid without interruption?
Yes. Until your account is migrated to BoC’s systems, you will continue to receive salary payments into your existing cdbbank account.
BoC will inform you in advance of any changes that may affect how salary payments are received after migration of the accounts to BoC’s systems, including any need to use a new IBAN.
13) Will there be any changes to the way card – related matters, such as disputes and claims, are handled during the Transition Period?
No. During the Transition period, card – related services and processes, including disputes and claims, will continue to be handled as they are today, with no changes to the existing arrangements.
14) What happens if my card is due to expire within the Transition Period?
If your card is due to expire during this period, the usual card renewal process will apply, and you will be informed of any action required.
15) What happens if my card is lost or stolen during the Transition Period?
In case your card has been lost or stolen, please contact cdbbank immediately at 8000 79 79 or at +357 22846510 (from abroad).
If you are abroad, you can also contact directly Mastercard International at +1 636-722-7111.
16) Will I continue paying my loan through cdbbank?
Until migration to BoC’s systems, you should continue making your loan repayments in the same way as you do today through cdbbank.
After migration to BoC’s systems, your loan will be serviced by BoC, and BoC will inform you in advance of any new payment details or actions required.
17) Will my loan terms change?
No. The transfer itself does not change the key terms and conditions of your existing loan. If any changes are proposed in the future, these will be communicated by BoC in accordance with applicable legal and regulatory requirements.
18) Will the transfer affect the interest rate on my deposit account?
The transfer itself does not result in an immediate change to the interest rate applicable to your deposit account. Any future changes will be communicated by BoC in accordance with the applicable terms and regulatory requirements.
19) Can I open a new account or apply for a new loan during the Transition Period?
If you wish to open a new account or apply for a new product during the Transition Period, please contact BoC through its usual service channels or visit a BoC branch. BoC will guide you on the process and any documentation required.
20) Will there be any change to my safe deposit box?
During the Transition Period, you will continue to have access to your existing cdbbank safe deposit box as you do today.
After the end of the Transition Period, the existing cdbbank safe deposit box service will be discontinued. Customers affected will receive separate notice and instructions, in advance, on the available options and any action they need to take.
21) Will I be able to use my current chequebook?
You may continue using your current chequebook until 30th June 2027. BoC will inform you in advance of any actions you may need to take.
22) What happens after migration is completed?
After migration, the relevant products and services will be serviced directly by BoC.
You will be able to use BoC's branch network and digital banking channels and will receive further information and instructions by BoC well in advance.
23) Do I need to take any action right now?
No immediate action is required from you.
You can continue banking as usual. Future communications by BoC will be providing further details and instructions.
You will be informed by BoC through appropriate communication channels, including letters, SMS messages, website updates, FAQs and other customer communications.
