Our History
On 11th June 1946, a group of 27 progressive pioneers from Limassol, decided to establish a savings bank in order to serve the members of the “Limassol Union of Small Shopkeepers”, being aware of the tragic economic situation experienced by Limassolian low-income groups in the post-World War II era. They could never imagine that such initiative of theirs might end 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 body 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 Limassolian people find solutions to their financial problems, set up their own businesses, acquire their own office premises, be able to afford their children’s studies and their being established in life. Many, fairly argue, without exaggerating 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 easy for the working population to visit it.
Later, the Limassol Cooperative Savings Bank’s premises were situated on Anexartisias Street, in a rent building, and then it moved temporarily to the old premises of the Popular Cooperative Savings Bank, Athinon Street, under Aris club. 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 after “Limassol Shopkeepers Savings Bank,” and in 1958 it was named after as it is currently known to us “Limassol Cooperative Savings Bank.” It was a pioneer when in 1960 it introduced the current account and issued cheque books.
In 1963, the Limassol Cooperative Savings Bank starts to build 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 cramped. 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 rescued from demolition. The cinema was restored and delivered to the Limassolians in 1999. The Rialto Theater 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 accredited Cooperative Credit Organisation. It is since April 2008, the only Cooperative Banking Organisation operating without the Body of Cooperative Societies monitoring.
In January 2009, the Limassol Cooperative Savings Bank merged with the Agios Athanasios Cooperative Credit Society. Today, the Limassol Cooperative Savings Bank operates 14 branches.