As the oldest banking institution on the island the Bank of Cyprus has, played a crucial role in the economic development of Cyprus since its foundation in 1899. Indeed, the economic history of Cyprus in the twentieth century is directly and indirectly related to the activities of the Bank of Cyprus. This is especially true of the period after 1960 when Cyprus gained its political independence. Since then, the Bank of Cyprus added a new dimension to its activities on the island as well as abroad: it became a pioneer and a major benefactor in the cultural field, directing a substantial percentage of its annual profits toward cultural projects. Currently, the Bank and its group of companies are clearly the most visible sponsors of cultural and scholarly pursuits on Cyprus. In this regard, it has adopted a tradition established by banks in Greece and in turn stimulated similar action by other financial and philanthropic institutions in Cyprus.