The Cyprus Development Bank (CDB bank) on Thursday issued a clarification regarding media reports suggesting that the company may be the subject of an acquisition.

“There is nothing specific to announce,” the bank stated in response to the reports.

It added that in the event of any significant developments concerning its future, it would issue the necessary announcements to the Cyprus Stock Exchange (CSE) and the Cyprus Securities and Exchange Commission (CySEC) in line with applicable legislation.

The clarification comes amid growing speculation about the bank’s future ownership.

Earlier this week, bank employees’ union Etyk issued a circular stressing its concern over the reports and highlighting that the security of staff would remain its top priority.

“Our organisation is following with strong interest the developments around CDB bank and its future, both as an institution and in particular concerning the staff it employs today,” the union said.

It added that “as in all similar cases of a change in the ownership structure of a bank, our organisation’s primary concern is to create the conditions for the survival of the bank in its new form and, of course, the protection of the rights and jobs of all its staff”.

Etyk also warned that it would not accept any attempt to victimise or exclude employees.

“Therefore, based on the above, we want to remind every interested party that our organisation will not accept victimisation and exclusions of colleagues,” it said.

The union stressed that any prospective buyer must take into account the full transfer of staff to new ownership.

“For this reason, whoever is interested in a possible purchase of CDB bank must keep in mind that all colleagues will be transferred to the new owners,” the union said.

It further warned that “in a different case, our organisation will take dynamic action to defend the interests of colleagues”.

The bank has been the subject of acquisition interest for several years. In late 2023, talks with AstroBank over a potential deal collapsed despite reports that negotiations had reached an advanced stage.

Around the same time, the Cyprus News Agency (CNA) reported that CDB bank was in discussions with an Armenian banking institution regarding a possible acquisition.

Interest in the bank has not been limited to Cyprus, with potential buyers from abroad also linked to the lender.

Any change in ownership structure would require approval from the Central Bank of Cyprus and, in the case of a qualified holding, from the European Central Bank.