Cooperative Credit Institutions in Cyprus

13 January 2018, updated 10 October 2018

Cooperative credit institutions (CCIs) were represented in Cyprus by Cooperative Credit Group, consisting of Cyprus Cooperative Bank, the CCIs and companies specialized in trading activities. Cyprus Cooperative Bank together with the CCIs provided a broad range of retail banking and insurance products to natural persons, farmers and companies.

Established in 1937 to be a central body of cooperative credit societies, Cyprus Cooperative Bank (CCB) became the second-largest bank in Cyprus. The bank was operating under cooperative banking model until 2013, when the state injected €1.5 billion into recapitalizing the bank and thus became a majority shareholder of the CCB owning 99% of its shares. However, the on-site investigation conducted by the ECB, revealed the need for additional capital of €600 million. In September 2018, Hellenic Bank completed the acquisition of certain assets and liabilities of Cyprus Cooperative Bank. In October 2018, the Single Supervisory Mechanism (SSM), the supervisory arm of European Central Bank, has forced Cyprus Cooperative Bank to wind down its operations.

Recently Closed Cooperative Credit Institutions

During 2013-2017 93 CCIs were closed down mainly due to mergers with other CCIs and to the group restructuring.

Total Assets and Total Equity of Cyprus Cooperative Bank Number of Cooperative Credit Institutions in Cyprus Closed Cooperative Credit Institutions in Cyprus

The list of recently closed cooperative credit insitutions is shown below.

NameLocationClosed On
 Allileggyis Co-operative Credit Society (closed)Larnaka2017
 Co-operative Credit Society "Ledra" (closed)Nicosia2017
 Co-operative Credit Society Agias Napas (closed)Famagusta2014
 Co-operative Credit Society Agiou Amvrosiou Keryneias (closed)Nicosia2014
 Co-operative Credit Society Agrou (closed)Limassol2014
 Co-operative Credit Society Akanthou (closed)Larnaka2014
 Co-operative Credit Society Amargetis + Perichoron (closed)Pafos2013
 Co-operative Credit Society Anatolikis (Lemesou) (closed)Limassol2014
 Co-operative Credit Society Athienou (closed)Larnaka2014
 Co-operative Credit Society Aygorou (closed)Famagusta2014
 Co-operative Credit Society Chlorakas-Kissonergas (closed)Pafos2013
 Co-operative Credit Society Defteras Anayias (closed)Nicosia2013
 Co-operative Credit Society Ditikis Lefkosias (closed)Nicosia2013
 Co-operative Credit Society Geroskipou and Anatolikis Pafou (closed)Pafos2013
 Co-operative Credit Society Giolou (closed)Pafos2013
 Co-operative Credit Society Imiorinis Lemesou (closed)Limassol2014
 Co-operative Credit Society Kakopetrias-Galatas (closed)Nicosia2013
 Co-operative Credit Society Kato Pafou (closed)Pafos2013
 Co-operative Credit Society Kissonergas (closed)Pafos2013
 Co-operative Credit Society Kokkinotrimithias (closed)Nicosia2013
 Co-operative Credit Society Konteas (closed)Larnaka2014
 Co-operative Credit Society Kouklion (closed)Pafos2013
 Co-operative Credit Society Kouriou (closed)Limassol2014
 Co-operative Credit Society Krasochorion (closed)Limassol2014
 Co-operative Credit Society Laonas (closed)Pafos2013
 Co-operative Credit Society Latsion (closed)Nicosia2014
 Co-operative Credit Society Leivadion (closed)Larnaka2014
 Co-operative Credit Society Liopetriou (closed)Famagusta2014
 Co-operative Credit Society Madaris (closed)Nicosia2018
 Co-operative Credit Society Morfou (closed)Limassol2014
 Co-operative Credit Society of Agricultural Development (closed)Larnaka2014
 Co-operative Credit Society Oreinis Pitsilias (closed)Limassol2014
 Co-operative Credit Society Orinis (closed)Nicosia2018
 Co-operative Credit Society Orinon Theretron Lemesou (closed)Limassol2014
 Co-operative Credit Society Ormideias (closed)Larnaka2014
 Co-operative Credit Society Palaichoriou (closed)Nicosia2018
 Co-operative Credit Society Pegeias (closed)Pafos2013
 Co-operative Credit Society Periferias Chrysorogiatissas (closed)Pafos2013
 Co-operative Credit Society Periferias Polis Chrysochous (closed)Pafos2013
 Co-operative Credit Society Periochon Stavrovouniou Lefkaron (closed)Larnaka2014
 Co-operative Credit Society Pissouriou (closed)Limassol2014
 Co-operative Credit Society Pisteos (closed)Nicosia2018
 Co-operative Credit Society Polemiou (closed)Pafos2013
 Co-operative Credit Society Pomou - Tillirias (closed)Pafos2013
 Co-operative Credit Society Simou (closed)Pafos2013
 Co-operative Credit Society Sinergasias Kitiou Pervolion Tersefanou Meneou (closed)Larnaka2014
 Co-operative Credit Society Sotiras Ammochostou (closed)Famagusta2014
 Co-operative Credit Society Stavros Minthis (closed)Pafos2013
 Co-operative Credit Society Stroumpiou (closed)Pafos2013
 Co-operative Credit Society Strovolou Ltd (closed)Nicosia2017
 Co-operative Credit Society Trachoniou Kolossiou (closed)Limassol2014
 Co-operative Credit Society Vasilikos Pentasxinos (closed)Larnaka2014
 Co-operative Credit Society Xylofagou (closed)Larnaka2014
 Co-operative Credit Society Xylotymvou (closed)Larnaka2014
 Co-operative Credit Society Ypsona - Lofou (closed)Limassol2014
 Co-operative Organisation "Women's Initiative" Cyprus Ltd (closed)Larnaka2014
 Co-operative Savings Society Achnas Ltd (closed)Famagusta2014
 Co-operative Savings Society Agias Marinas, Kormakiti, Karpaseias, Asomatou (AMKKA) Ltd (closed)Nicosia2013
 Co-operative Savings Society Cyprus Army Members Ltd (closed)Nicosia2013
 Co-operative Savings Society Cyprus Banks Employees Ltd (closed)Nicosia2018
 Co-operative Savings Society Cyprus Civil Employees Ltd (closed)Nicosia2014
 Co-operative Savings Society Cyprus Electricity Authority Employees Ltd (closed)Nicosia2018
 Co-operative Savings Society Cyprus Employees (STEK) Ltd (closed)Nicosia2014
 Co-operative Savings Society Cyprus Private Sector Employees (SYTIEK) Ltd (closed)Nicosia2013
 Co-operative Savings Society Cyprus Professional Fields and Businessmen Ltd (closed)Nicosia2014
 Co-operative Savings Society Greek Secondary Education Teachers (STELMEK) Ltd (closed)Nicosia2018
 Co-operative Savings Society Karpaseias Ltd (closed)Larnaka2014
 Co-operative Savings Society Larnaka Civil Servants Ltd (closed)Larnaka2014
 Co-operative Savings Society Larnakas Ltd (closed)Larnaka2014
 Co-operative Savings Society Lemesou Ltd (closed)Limassol2017
 Co-operative Savings Society Limassol Civil Servants Ltd (closed)Limassol2014
 Co-operative Savings Society Lysis Ltd (closed)Larnaka2014
 Co-operative Savings Society Marathasas Ltd (closed)Nicosia2013
 Co-operative Savings Society Nicosia Ltd (closed)Nicosia2017
 Co-operative Savings Society Pelendriou Ltd (closed)Limassol2014
 Co-operative Savings Society Pitsilias Nicosias Ltd (closed)Nicosia2018
 Co-operative Savings Society Polyteknon Ltd (closed)Nicosia2014
 Co-operative Savings Society Solias Ltd (closed)Nicosia2013
 Cyprus Educational Cooperative Savings Society Ltd (closed)Nicosia2017
 Cyprus Police and Military Cooperative Savings Society Ltd (closed)Nicosia2017
 Famagusta - Larnaka Co-operative Savings Society Limited (closed)Larnaka2017
 Kokkinochoria Co-operative Credit Society Ltd (closed)Famagusta2017
 Lakatamia - Dheftera Co-operative Credit Society LTD (closed)Nicosia2017
 Makrasyka - Larnaka - District of Famagusta Co-operative Credit Society Ltd (closed)Larnaka2017
 New Co-operative Credit Society Geriou (closed)Nicosia2014
 New Co-operative Credit Society Kaimakliou (closed)Nicosia2014
 Pafos Co-operative Savings Society Ltd (closed)Pafos2017
 Periferiaki Ammohostou Co-operative Credit Society (closed)Famagusta2014
 Periferiaki Co-operative Credit Society Lefkosias (closed)Nicosia2017
 Periferiaki Limassol Co-operative Credit Society Limited (closed)Limassol2017
 Tamassos-Orinis and Pitsilias Co-operative Credit Society Ltd (closed)Nicosia2017
 Telecommunications Energy and Banks Employees Cooperative Savings Society Ltd (closed)Nicosia2017
 Troodos Co-operative Credit Society Ltd (closed)Limassol2017
 

See Also