Our History
On 11th June 1946, a group of 27 progressive pioneers from Limassol, being aware of the tragic economic situation experienced by Limassol residents, low-income groups in the post-World War II era, decided to establish a savings bank in order to serve the members of the “Limassol Union of Small Shopkeepers”. They could have never imagined that such initiative of theirs might have resulted to the largest cooperative banking organisation being established in Cyprus. This historic founding assembly took place at 35 Zenonos Street, Iroon Square, in the premises of the Limassol Union of Small Shopkeepers. The first five-member committee of the “Limassol Union of Small Shopkeepers” was elected, being composed of the following persons:
• Panayiotis Sykas, shop owner, chairman
• Antonakis Loukaides, bookseller, secretary
• Costakis Tsikouris, shop owner, assistant secretary
• Christos Ioannides, grocer, treasurer
• Savvas Limbourides, shoemaker, member
The main objective of such newly-established committee was not only to get the Limassol shopkeepers rid of usury and the black market, but also to promote mutual assistance and cooperation among them and help them acquire privately-owned property. It managed, more than any other organisation, to help the Limassol residents to find solutions to their financial problems, set up their own businesses, acquire their own office premises and enabled them to afford their children’s studies and their establishment in life. Many fairly argue, without exaggeration that the Limassol Cooperative Savings Bank has “built” Limassol.
The very beginning was really tough. There was lack of cash flow due to the preceded war and its consequences. Simple people were initially reluctant to embrace our committee members’ first and voluntary endeavours, due to poverty, economic exploitation and usury. Those pioneers involved in establishing the Savings Bank needed to redouble their efforts and display remarkable tenacity and patience, sacrificing their free time to a great extent in order to win people over.
In the early years, the Limassol Cooperative Savings Bank was situated in the premises of the Union of Small Shopkeepers, on Zenonos Street. Initially the bank was open on Saturday afternoon and on Sunday morning, to make it more convinient for the working population to visit it.
Later, the Limassol Cooperative Savings Bank transferred its operations on a lease basis to a building on Anexartisias Street, and then it moved temporarily to the old premises of the Popular Cooperative Savings Bank, Athinon Street, under Aris Football Association. Business kept on expanding and soon the need arose for self-owned premises, which were eventually acquired in 1957, Ipirou Street close to Iroon Square.
In 1954 the Union of Small Shopkeepers was renamed to “Limassol Shopkeepers Savings Bank,” and in 1958 it was renamed again to “Limassol Cooperative Savings Bank.” In 1960, the Limassol Cooperative Savings Bank pioneered by introducing the current account and the issuance of cheque books.
In 1963, the Limassol Cooperative Savings Bank started building its first owned premises, in Kapsalos neighbourhood, soon, the Iroon Street headquarters proved to be too small to meet the bank’s growing needs. The construction of the new owned premises in the town centre was therefore decided, and they would be situated close to the Town Hall. This ambitious goal was achieved thanks to 1637 members who were enthusiastic to offer £75.000 in the form of internal loan. The new headquarters, on Archbishop Kyprianos Street, became operational in late 1970, whilst the bank had further branches constructed in various neighbourhoods of Limassol.
The new headquarters soon proved to be overcrowded. Therefore, in 1988 a contract was awarded for the construction of a new building, on Gladstonos Street, which was inaugurated in 1992 and comprises inter alia, the Limassol Cooperative Savings Bank Cultural Centre.
In addition to the offered standard banking services, being a modern banking organisation, the Limassol Cooperative Savings Bank excelled since its inception in achieving a multi-aspect social contribution by financing a great deal of cultural, charity, educational and sports-related events in Limassol.
It is generally argued that the peak of the Limassol Cooperative Savings Bank cultural contribution was reached in 1991, when it purchased the Rialto Theatre, which was saved from demolition. The cinema was restored and delivered to the Limassol city in 1999. The Rialto Theatre has been hosting since then, high level events and performances.
In 2006, the Limassol Cooperative Savings Bank merged with the Zakaki Cooperative Credit Society and in 2007 with the Limassol Municipal Employees’ Cooperative Savings Bank (Ltd) as well as the Scientists and Engineers’ Cooperative Savings Bank (Ltd).
In 2007, it applied for a license as an accredited Cooperative Credit Organisation. It is since April 2008, the only Cooperative Banking Organisation operating without the monitoring of the Body of Cooperative Societies.
In January 2009, the Limassol Cooperative Savings Bank merged with the Agios Athanasios Cooperative Credit Society.
In 2009 the Limassol Co-Operative Savings Bank received an award from the Cyprus Employers & Industrialists Federation and its advisory group Cypronetwork in the following fields:
- Customer Service
- Personnel Satisfaction
- Social Responsibility and Action
On the 8th of January 2011 the Limassol Coοperative Savings Bank merged with the Yermasogia Cooperative Credit Society and after a month (19th of February 2011), it merged with the Polemidia Cooperative Credit Society.
In March 2011 the Limassol Coοperative Savings Bank won the first Pancyprian Competition Marketing Excellence Awards 2010 that was organized from the Cyprus Company Development Management Association (EADE). The Limassol Coοperative Savings Bank won in the category Ethical Marketing with its Environmental Loans.
On 14th of January 2012 the Limassol Coοperative Savings Bank merged with the Ayia Fyla Cooperative Credit Society.
Today, the Limassol Coοperative Savings Bank operates 26 branches.