You are here

Major Shareholder View

Cyprus Popular Bank Public Co Ltd

Company Description

<b>Profile</b>

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.

At the threshold of the 21st century and amidst the rapid developments in the financial services sector, the Cyprus Popular Bank Group has adopted a new corporate identity by renaming it Laiki Group. The vision of the Group is to differentiate itself as a dynamic, efficient and reliable financial services organization.

HSBC operates in Cyprus through Laiki Group where it holds 22% of share capital. Hong Kong Bank became a major shareholder in 1970.

The Bank picked up substantial growth in the 1980s in particular, when market share in local operations almost quadrupled. Total assets today exceed US$6 billion (end of 2000) and the Bank operates 138 branches with 6 more in the UK. The Bank also operates 6 representative offices, 2 in Canada, 1 in New York, 1 in South Africa and 2 in Central Europe. In addition Laiki Group holds a 70% equity stake in Laiki Bank (Hellas) established as a joint venture commercial bank in 1992 in Greece, now operating 22 branches. Laiki Group also launched full banking services in Australia with five branches offering innovative products.

<b>Principal activities</b>

Laiki Bank offers general banking services in Retail Business and Corporate banking, as well as trade and card services. The Bank also offers specialised financial services through its subsidiary companies.