*By Andria Papadopoulou

The initiative to revive the cooperative movement in Cyprus will be evaluated by the Central Bank and the European Central Bank, following the establishment of the Pan-Cyprus Cooperative Society for the Promotion of the Cooperative Movement.

This was clarified on the Alpha News program by Committee Chairman Panikkos Hambas, who explained that the same process has been in place for every financial institution since 2013. As he emphasized, following the necessary preparations, the Company successfully completed the Cyprus Securities and Exchange Commission’s evaluation process, securing authorization for a public offering of 42 million shares, with a par value of 1 euro each. It also announced that the sale of shares will take place from July 22 through November 17, 2026.

Mr. Hambas referred to the shareholding structure of the new Cooperative, with 60% of the Company owned by individuals, regardless of the amount of each member’s contribution. The remaining 40% will be owned by legal entities, in proportion to their shares. At the same time, the Pan-Cyprian Housing Bank will be subject to oversight by the Cooperative Society, with the common good as the guiding principle.

Mr. Hambas emphasizes that, as part of the process of gathering citizens’ views on the purchase of shares worth one hundred euros, two surveys were conducted, the results of which were deemed highly satisfactory. He then urges everyone intending to purchase shares from the Company to read the prospectus, which contains everything they need to know.

It is also noted that as soon as approval is secured from Frankfurt for the bank to begin operations within one year, the staff will take the necessary steps to establish the Pan-Cyprus Cooperative Bank.

Regarding the process for citizens to contribute shares, Mr. Hambas noted that a roadmap is currently being developed and will be published on the Company’s website, and that informational brochures are being prepared, aimed at guiding citizens.

Finally, he emphasized that the license the company received from the Cyprus Securities and Exchange Commission applies only to Cypriot citizens and Cypriot companies.

SEE ALSO: The foundation has been laid for the new Cooperative Bank: When will the sale of shares begin?