Universal Savings Bank Ltd

The company commenced operations in 1925 under the name Yialousa Savings Bank Ltd (YSB). In June 1974 YSB became an Authorised Financial Institution under the supervision of the Central Bank of Cyprus with license to accept deposits, operate current accounts and grant loans or hire purchase in local currency. After the Turkish invasion in 1974, the company was idle up to 1st March 1990, when it began operations further to obtaining government financing to revive its activities, with the first Banking Centre in Nicosia, the capital of Cyprus. In 1995 YSB opened its second Banking Centre in Limassol and in 1996 it expanded by opening a third Banking Centre in Larnaca. YSB was a listed public company and its shares are currently traded in the Cyprus Stock Exchange under the new Universal Savings Bank name. In 1996 Universal Life Insurance Co. Ltd, the biggest Life Insurance Company on the island, acquired 40% of YSB and on 10/7/96, YSB was renamed to Universal Savings Bank Ltd (USB). After the acquisition Universal Life decided to perform an organisational restructuring to enable USB to become a fully-fledged Bank, that is, to expand its activities to foreign currency operations and commercial business. Universal Life's current shareholding in USB stands at 50.2%. In June and July 1997, USB proceeded with the opening of Banking Centres in Paralimni and Paphos respectively, thus being represented on a pancyprian basis. In November and December 1997, USB proceeded with opening two more Banking Centres in Nicosia, one in Strovolos and the other at Universal Tower respectively.