Cooperative Bank of Private Sector Workers (SYTIEK)
SEK also became active in the savings sector, with the establishment of cooperative banks, which today cover thousands of workers. For many years, these cooperative banks were mainly founded for civil servants. Many years ago, SEK determined the need to expand them into the private sector. The insistent and continuous efforts of SEK bore fruit in 1982, with the establishment of the Cooperative Bank of Private Sector Workers (SYTIEK), which accepts members from the private sector from all districts of the country.
The headquarters of SYTIEK are in Nicosia, but to cover the needs of the workers, it has branches in all towns. SYTIEK offers saving accounts and also gives the usual loans with guarantors, loans for studying and housing loans with mortgages.
SYTIEK is monitored by the SEK ad hoc bodies and it is common belief that it has covered a huge gap in credit services. In the context of its increased obligations and reforms in the cooperative movement, SYTIEK is promoting the upgrading of its services, so as to successfully respond to the needs and demands of its members.