Central Bank of Cyprus Governor Panicos Demetriades has received an application for a new bank license.

According to CBC press release issued here on Monday, Demetriades welcomed the submission of the application, noting that it will be examined as soon as possible on the basis of the specific criteria which must be met by all applications in order to get a banking license, such as rules on corporate governance and the implementation of relevant European directives and guidelines.

The application was submitted by Dinos Christophides, Sievert Larsson, Ioannis Loizou and Christos Papoutsas on behalf of Ancoria Holdings Limited. They were accompanied by their advisors Deloitte Cyprus.

In submitting their application they noted that their action constitutes a vote of confidence for Cyprus’ financial sector and the Cyprus economy’s prospects for a fast recovery and a return to growth.

The new bank will be backed by European interests and if its application for a license is approved it will focus on SMEs.

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