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The Origins of Modern Banking in Cyprus

In: The Banking System of Cyprus

Author

Listed:
  • Kate Phylaktis

    (City University Business School)

Abstract

The first bank to establish a branch on the island was the Imperial Ottoman Bank. This Turkish-registered bank had been created in 1863, and was virtually an Anglo-French creation with management control resting in twin committees in London and Paris. By the 1880s, however, the bulk of the equity was in French hands.1 The Imperial Ottoman Bank opened a branch in Larnaca in May 1864,2 probably because it was anxious to receive a share of the Cyprus trade in cotton, an attractive proposition during the cotton famine of the early 1860s.3

Suggested Citation

  • Kate Phylaktis, 1995. "The Origins of Modern Banking in Cyprus," Palgrave Macmillan Books, in: The Banking System of Cyprus, chapter 1, pages 5-22, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12868-6_1
    DOI: 10.1007/978-1-349-12868-6_1
    as

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