The suspect is thought to be a drug addict and marched into the back at 1.30 pm, wearing a pair of dark glasses and brandishing a fire arm.
He pointed the weapon at the two bank employees and demanded that they hand over the money.
The two bank clerks, said to have been extremely scared and nervous, complied with the armed robber's wishes.
The suspect then walked out of the bank, jumped on a moped and sped away from the scene.
Police were at the scene within minutes, but apparently the suspect fled the scene so quickly, police lost any trace of the robber.
Police units fanned out in the direction of Palma and Porto Pi, but last night there was still no news of an arrest, but last night officers were combing through the recordings taken by the closed circuit video system inside the bank.
Police sources said that if the video provides any information about the suspect's identification we'll have an arrest within hours.
Officers questioned the two shaken bank clerks, who said that the suspect was wearing a green t-shirt and appeared to be a drug addict.
However, they were unable to provide any information about the pistol and police do not know whether it was a live fire arm or an imitation weapon. Police said information about the getaway vehicle or even a registration number would also have been useful for the investigation.