1844 The first co-operative credit society is established in Rochdale, United Kingdom.
1904 The first attempts are made to set up co-operative credit societies in Cyprus. Co-operative credit societies are set up in Peyia, Chlorakas, Kissonerga and Mesogi at the initiative of the then former Director of Agriculture William Bevan but are unable to survive and were dissolved soon after.
1909 The Village Bank of Lefkoniko is established on 22 November in now occupied Lefkoniko modelled on the Raiffeisen co-operative credit societies set up first in Germany and later in Austria. The driving force behind the co-op’s establishment were Ioannis Economides a prominent personality of the economic, political and social life of the time and Markos Charalambous, headmaster of the community’s Elementary School.
1937 The Co-operative Central Bank is founded and begins operations on 1 January, 1938. The main reasons that led to its establishment was the fact that co-operative credit societies had expanded to such an extent that a central body was needed to facilitate their work and the realisation that the Agricultural Bank which was established in 1925 could not meet the short-term borrowing needs of the co-op societies and farmers.