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The Cooperative Bank of Lesvos - Limnos was founded in the year 1995 as Credit Institution in accordance to the law No. 1667/86 and advanced into a Banking Institution in accordance to the law No. 2076/92 in April 1999 getting granted the authorization after the accumulation of the necessary capital of 3,522,000.00 €.
It owns a building of 400 m2 which has been restored to a modern Head Office in Mytilene. It also has two main offices in Kalloni and Myrina Limnou and there are eight more branches in Plomari, Eresos, Petra, Mesotopos, Papados (Gera), Pano Skala district of Mytilene, Agiasos and Polichnitos.
The bank's Directors Board consists of 9 members and is elected every three years. The last elections took place in 22th June 2005, having the following council in charge:
ALBANIS STYLIANOS, CHAIRMAN
MATHIELLIS ALEXANDROS, A' VICE-CHAIRMAN
KOUFELOS MICHAIL, B' VICE-CHAIRMAN
GIANNOPOULOS ALKIVIADIS, SECRETARY
POLITIS STAVROS, VICE-SECRETARY
LOGGIOS EFSTRATIOS, CASHIER
KANTARAS IOANNIS, VICE-CASHIER
KALOGRIDIS THRASYVOULOS, BOARDMAN
SAMIOTIS IOANNIS, BOARDMAN
During 2005 the bank's partners reached 3781 people, an increase of 14.37% compared to the previous year, having a target of 4500 partners for the year 2006.
The bank currently employs 28 people who have been selected after examinations and two contract consultants.
The Cooperative Bank is subordinated by the Bank of Greece and is inspected by Chartered Accountants.
The bank is a member of the Hellenic Cooperative Banks Unity for the Institution's projection and also the assertion and the solution of the several issues regarding the Cooperative Banks.
The bank is also a member of Panellinia Bank with 0.68% in which the partners can carry out all major banking transactions.
The bank has founded in 2005 the development company SYNEBA S.A. in a partnership with the University of Aegean.
Advantages of the Cooperative Bank of Lesvos and Limnos
Recycling of the local savings in the Province of Lesvos.
Very good knowledge of the local market and its special conditions.
The Administration of the Cooperative Bank consists of local people being familiar with the borrowing needs of the members.
The decisions of the Directors Board are made quickly providing flexibility and effectiveness.
Low operational cost.
Risk elimination on loans management due to the good knowledge of the market.
Profitable management policy (Share dividend + surplus value of the shares)
High interest rates for deposits.
Low loan interest rates.
Easy access into the Banking System for the new small and average -size businessman and the low-budget consumer as well.
Banking - Business - Infrastructure
Modern banking system (Globus of Temenos) that was also chosen by the major Cooperative Banks in Greece.
Issues Letters of Guarantee on very good terms in comparison with the rest of the Banks.
Foreign Currency Exchange Management with very competitive buying and selling rates.
Collaboration with the Agricultural and Cooperative Insurance Companies to provide all types of insurance to our members.
Payment of electricity, telephone and water company bills.
Shareholder of 67 million euros in the Panellinia Cooperative Bank, the bank that was formed by all the Cooperative Banks in Greece.
