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Laiki Group

Company Description

The Popular Savings Bank of Limassol was founded in 1901 by four distinguished, progressive and enlightened citizens of Limassol. Their aim was to encourage the public to save.

By 1924, the Savings Bank had become a fully-fledged bank, the first ever public company to be registered in Cyprus bearing registration number "1". The members of the board, reflecting the breadth of vision possessed by the founders, steered the Bank to the forefront of the Cypriot socioeconomic scene.

In 1967, the Bank expanded its operations throughout Cyprus in order to offer its services to all the residents of the island. A few years later, in 1971, the progress and dynamism of the organisation attracted the attention of the Hong Kong Bank, one of the largest banking groups in the World, which purchased 22 per cent of Popular Bank's shares at a price 3.5 times higher than the nominal price. This association gave a tremendous boost to the Bank's plans for further expansion, and placed at its disposal a worldwide network of correspondent banks.

In 1982, Popular Bank made a profound impact on the banking and financial sector, both in Cyprus and abroad, by taking over the operations of Grindlays Bank in Cyprus, at that time the largest and oldest foreign bank on the island. This takeover was seen as the most important event in the economic history of Cyprus. It also marked the beginning of a new era in the history of the Popular Bank: a period of rapid and impressive growth which goes on to this day.

Expansion overseas began as early as 1974, with the establishment of a branch in London to serve the Cypriot and the Greek community there. The group now operates five branches in the United Kingdom.

In 1986 the Bank opened the first representative office of a Cypriot bank in Australia, home to another large Cypriot community and currently maintains four representative offices in Melbourne, Sydney and Adelaide. In addition, representative offices were opened in Johannesburg, South Africa and Toronto, Canada. The expansion of the Popular Bank Group has been warmly welcomed by Cypriot and Greek communities in the above countries, as it has enabled them to carry out their transactions with Cyprus and Greece more easily and more effectively.

The most notable expansion of the Popular Bank abroad has been the establishment of a new bank in Greece, under the trade name of Popular Bank (Greece) Ltd. The first branch of Bank commenced operations in Athens in 1992 and today it operates a total of six branches in Athens, Piraeus and Thessalonica.

The Bank's management has repeatedly stressed that the Bank owes its success to a single most important factor: the high calibre and commitment of its staff. It is the staff's hard work, eagerness to learn and competence, which have elevated the organisation from a local savings bank in 1901 to its present enviable position.