More than fifty works of art, which have been acquired over the years by the Bank of Cyprus, were transferred to the Cultural Foundation according to the provision of the 1984 founding act. The ultimate aim was the gradual formation of a representative collection, which would serve as a retrospective review of the course followed by the visual arts in the twentieth century in Cyprus.
The intention of the Cultural Foundation is not to concentrate the collection in a single permanent exhibition, but to display works of modern art in the Bank's branches throughout Cyprus.