Over six decades of community banking, member ownership, and financial empowerment across Cyprus.
Founded in 1962 by a group of Cypriot community members who believed everyone deserved access to fair, affordable banking, Cyprus Union Savings Bank has grown into one of the island's most trusted financial institutions — while never losing sight of our founding mission.
As a member-owned cooperative, we answer to you — not to shareholders. Every euro of surplus we generate is reinvested into better rates, lower fees, and improved services that benefit our 120,000+ members across all regions of Cyprus.
We believe banking should be a partnership. From a first savings account to a home mortgage to a retirement plan, we are with our members at every financial milestone of their lives.
From a small cooperative in Nicosia to a full-service institution serving all of Cyprus.
Ten founding members — teachers, tradespeople, and civil servants — each contributed £50 to establish a cooperative savings society on Makarios III Avenue, Nicosia. The mission was simple: offer fair loans and honest savings to working Cypriot families who were underserved by traditional banks.
Within six years, CUSB grew to over 1,000 members, driven entirely by word of mouth. The cooperative expanded its lending to include small business loans for local merchants and craftsmen across the Nicosia district.
Our first purpose-built branch opened on Ledra Street in Nicosia's old town, serving over 4,000 members. A second branch in Limassol followed within eighteen months, marking the start of our island-wide expansion.
CUSB opened branches in Larnaca and Paphos, establishing a presence in all four major cities of Cyprus. Membership surpassed 20,000 and total assets crossed £50 million for the first time.
We introduced our home loan programme, offering below-market mortgage rates to members. In the first year alone, CUSB helped over 400 Cypriot families purchase their first homes — a milestone that defines our community mission to this day.
Ahead of Cyprus joining the European Union, CUSB began aligning its operations with EU banking standards. We invested in compliance infrastructure, member protection frameworks, and expanded our retail product range to meet European consumer expectations.
CUSB became one of the first Cypriot cooperative banks to offer full online account management. Members could check balances, transfer funds, and pay bills without visiting a branch — a radical convenience at the time.
While the global financial crisis shook institutions worldwide, CUSB's conservative lending practices and member-first philosophy meant we remained profitable and stable. We did not reduce branch hours or reduce staff — a source of pride for our board and leadership.
We launched a dedicated business banking division to support local entrepreneurs and SMEs. Products included business current accounts, trade finance, and merchant services, helping over 3,500 Cypriot businesses in the first two years.
During Cyprus's 2013 banking crisis, CUSB's cooperative structure meant member funds were protected under the EU Deposit Guarantee Scheme. We offered emergency relief loans and deferred repayment programmes, helping thousands of members weather the storm.
A landmark milestone: CUSB surpassed €1 billion in total assets, cementing our position as a leading regional cooperative institution. We also launched our Financial Literacy programme, providing free workshops across all cities.
We completed a comprehensive digital transformation programme, upgrading core banking systems, implementing end-to-end encryption, and achieving full GDPR compliance. Our mobile app was rebuilt from the ground up, earning a 4.9-star rating from members.
We launched a fully redesigned mobile banking platform featuring AI-powered budgeting tools, instant SEPA transfers, biometric login, and real-time fraud alerts. The app won Best Mobile Banking App at the FinTech Breakthrough Awards.
With over 120,000 members, 18 branch locations spanning every major region of Cyprus, and 850+ dedicated employees, we continue to grow — always guided by the same mission our founders wrote in 1962: People Helping People.
The principles that guide every decision we make as an institution.
Every product, rate, and policy is evaluated on one criterion: does it genuinely benefit our members? We are not driven by shareholder returns — we are driven by member outcomes.
We live, work, and invest in Cyprus. Our deposits fund local mortgages, local businesses, and local schools — not overseas investments. When Cyprus prospers, we prosper together.
No hidden fees, no confusing fine print. We communicate clearly, price fairly, and stand by every commitment we make to our members and the communities we serve.
Banking should be accessible to everyone. We offer accounts with no minimum balance requirements, multilingual support, and financial education programmes to help every member succeed.
Member security is non-negotiable. We invest continuously in cybersecurity, fraud prevention, and deposit protection to ensure your money and data are always safe.
We manage CUSB for the generations ahead, not the next quarter. Sustainable lending, responsible growth, and strong capital reserves ensure we will be here for our members' children and grandchildren.
Experienced professionals dedicated to your financial wellbeing and Cyprus's future.
Andreas has led CUSB since 2016 after 20 years in Cypriot cooperative banking. He holds an MBA from the University of Cyprus and serves on the Board of the Cyprus Cooperative Banking Association.
Elena oversees all financial reporting, treasury operations, and capital management. A Chartered Accountant with 18 years' experience, she previously served as Deputy CFO at the Central Bank of Cyprus.
Nikos leads digital transformation, cybersecurity, and technology strategy. A computer science graduate of UCY, he joined CUSB in 2019 after heading fintech innovation at a leading European payments firm.
Maria oversees branch operations, member services, and process efficiency across all 18 locations. She has been with CUSB for 22 years and is the driving force behind our branch modernisation programme.
Christos manages credit risk, compliance, and regulatory relations with the CBC and EBA. He holds an LLM in EU Financial Law from King's College London and is a certified Risk Manager.
Vasiliki leads talent acquisition, employee development, and CUSB's inclusive workplace culture. Under her leadership, CUSB was recognised as one of Cyprus's Best Employers for three consecutive years.
Petros designs and manages all personal banking products including accounts, cards, and mortgages. He has 15 years of retail banking experience and is passionate about making homeownership accessible in Cyprus.
Irene leads CUSB's community investment programmes, financial literacy initiatives, and charitable partnerships. She coordinates over €1.2 million in annual community grants and oversees our scholarship programme.
Our elected board represents the interests of all CUSB members and provides independent oversight of management.
Chairman of the Board
Vice-Chairperson
Secretary of the Board
Board Member — Risk Committee
Board Member — Audit Committee
Board Member — Lending Committee
Board Member — Technology Committee
Board Member — HR & Compensation
Independent Member
Board members are elected annually by CUSB members at the General Assembly. All members in good standing are eligible to vote.
Your money and data are safeguarded by some of the strongest regulatory frameworks in Europe.
Cyprus Union Savings Bank is incorporated under the laws of the Republic of Cyprus and is directly supervised by the Central Bank of Cyprus. The CBC ensures we maintain prudent capital ratios, sound lending practices, and robust consumer protection standards.
As a Cyprus-based institution operating within the European Union, CUSB complies with all EBA regulatory technical standards including Basel III capital requirements, the Capital Requirements Directive (CRD IV), and the Payment Services Directive (PSD2).
All eligible deposits held with CUSB are protected up to €100,000 per depositor under the Cyprus Deposit Protection Scheme, administered in accordance with EU Directive 2014/49/EU. Joint accounts are covered up to €200,000.
Your personal data is protected under the General Data Protection Regulation (GDPR) and the Cyprus Data Protection Law (Law 125(I)/2018). We are registered with the Cyprus Commissioner for Personal Data Protection and conduct annual data protection audits.
CUSB maintains a comprehensive AML/CFT compliance programme aligned with the EU Anti-Money Laundering Directive (6AMLD). Our compliance team works closely with the Cyprus Unit for Combating Money Laundering (MOKAS).
We comply fully with the EU Consumer Credit Directive, the Mortgage Credit Directive, and Cyprus consumer protection law. All members have the right to fair treatment, clear pricing, and independent recourse through the Financial Ombudsman of Cyprus.
Recognition from independent organisations for excellence in banking, technology, and community impact.
Cyprus Banking Excellence Awards
BauerFinancial — 12 consecutive years
Cyprus Chamber of Commerce, 2024
FinTech Breakthrough Awards, 2025
Great Place to Work® — 3 consecutive years
Information Security Management, 2024
Transparency International Cyprus, 2025
Ministry of Finance Cyprus, 2024
As a member-owned institution, we believe full transparency is a fundamental obligation to our members. Our annual reports are published in both Greek and English and include audited financial statements, governance information, and a full account of our community investment activities.
Our accounts are audited annually by an independent Big Four auditing firm and reviewed by the Central Bank of Cyprus. Members may request printed copies of any annual report at any branch, free of charge.
Request Annual ReportJoin 120,000 members who choose CUSB for better, fairer banking across Cyprus.