|Coop Name: Cooperative Central Bank Ltd.||N° of Employees: 294|
|City: Nicosia||N° of Members: 279|
|Country: Cyprus||Year of formation: 1937|
Cooperative Central Bank is one of the biggest financial organizations in Cyprus. Serving the Cooperative Movement and society in general, it offers a complete spectrum of banking products and services. Cooperative Central Bank has 279 cooperative institution members.
The Cyprus Cooperative Central Bank was established in 1937 by the cooperative institutions and started operating on the 1st of January 1938. The main reason leading to its establishment was the need for a cooperative central body which would make the work of the cooperative movement more efficient. The Bank evolved rapidly and thanks to its direct and indirect contribution, usury was eradicated, the basic goods market was purged, the middlemen who would take advantage of the farmers were finally set aside and the transition from the primal agricultural production to the mechanized agriculture was achieved.
From 1960- year of the independence of Cyprus- until 1974, the Cooperative Central Bank and the Cooperative Movement in general, played an essential role and contributed significantly to the foundation, consolidation and development of the Cyprus economy.
In 1974, when the Turkish troops invaded Cyprus and occupied 37% of the islands territory, the Bank suffered a loss of millions of Cyprus pounds. This, however, did not interrupt its course. The Bank recovered quickly its forces and contributed substantially to the alleviation of the people and to the reconstruction of the Cyprus economy.
Today, the Cooperative Central Bank is one of the biggest financial organizations in Cyprus. It has very solid foundations and serves the Cooperative Movement and the society in general, offering a complete spectrum of banking products and services.