The reconstruction of social market economy units, complementing grassroot activities, flexibility and transparency in fair trade practice and the achievement of income-production recycling at a local level towards self-sufficiency at prefectural and regional level were the basic drivers of the Cooperative Bank of Chania.
At the initiative of a group of individuals and professionals, a risky and challenging effort began, since it was a venture without precedent (with the exception of the Cooperative Bank of Lamia), the institutional framework was still immature, the response was uncertain and the Prefecture’s financial state was fluctuating.
In 1993 the vision for a bank with a new approach andinnovative features took shape with the establishment of the Credit Cooperative of Chania (based on act No 296/93 of the Civil Court of Chania) and in 1995 (with decision No 560/14/1995 of the Bank of Greece) it evolved into a Bank: the Cooperative Bank of Chania. The main characteristics of the Cooperative Bank of Chania is the active participation of partners in decision-making procedures, the formulation of new products adjusted to their needs, the competitiveness of the Bank’s services and the speed of response to the public’s requests and the market’s demands.
History
The Bank’s history began in November 1995 with the opening of the Central Branch in Chania. After its initial establishment in the Prefecture of Chania, the Cooperative Bank of Chania gradually expanded all over Crete, in order to be close to markets and the people it is addressed to and later spread its power to the rest of Greece!