The first meeting of the Pan-Cyprian Cooperative Participation and Promotion Company Ltd, aimed at officially launching the procedures for the establishment of the Pan-Cyprian Cooperative Bank, took place in Nicosia today, Friday.

Public offering of 42 million shares

During the event, the Chairman of the company’s Board, Panikos Hambas, announced a public offering of up to 42,000,000 new shares, with a par value of €1.00 each.

As emphasized, this initiative aims to fill the significant gap left in the Cypriot economy by the absence of the Cooperative Bank since 2018. The process for informing the public and facilitating participation in the share purchase was presented in detail on the Athlos Capital platform.

The sale of shares will take place between July 22 and November 17, 2026, for the Pan-Cyprus Cooperative Society for Participation and Promotion of Cooperativism Ltd.

Mr. Hambas emphasized that all European Union legal procedures were followed to the letter in carrying out this project, under the strict supervision of the Central Bank of Cyprus.

At the same time, he expressed his gratitude to the Registrar of Cooperative Societies, Kypros Protopapa, for providing the necessary expertise. Major auditing and financial firms, including PwC, LLPO, Global Capital, Athlos Capital, and Nexia, are serving as consultants to the company in the implementation of the program.

Sustainable Loans

As he noted in his opening remarks, the new organization will have a distinctly people-centered focus, aimed at supporting workers, farmers, and future generations in the region.  

Mr. Hambas sent clear messages regarding the pillars on which the New Cooperative Bank will be based, placing particular emphasis on avoiding “non-performing” loans. As he explained, the new organization will enlist expert advisors who will be in direct contact with members, ensuring that all decisions are prudent and that loans remain fully sustainable. 

At the same time, he strongly criticized current banking practices, openly highlighting the paradox that, at the very same time the European Central Bank is lowering interest rates, the island is seeing opposite upward trends. 

Finally, regarding European representation, the urgent need to reinstate the Cypriot Cooperative Movement’s representation in the European Association of Cooperative Banks in Brussels was emphasized.

It was also noted that since 2018, the Republic of Cyprus has been absent from this body, while the Turkish Cypriots maintain their membership through the “Limassol Cooperative Savings Bank Ltd” in the occupied areas, which remains registered with the Central Bank of Cyprus.

Concluding his speech, Mr. Hambas said that “the journey toward the future is just beginning,” describing the massive turnout as a mark of success for this new beginning.