Interest grows in shares for new Cyprus cooperative bank

Public interest in acquiring shares in Cyprus’ proposed new cooperative bank has been encouraging despite the August holiday period, according to the president of the Pancyprian Cooperative Holding and Cooperative Promotion Company Panicos Hambas. Speaking to the Cyprus News Agency (CNA), Hambas said the response so far had been positive, even though many potential investors were away on their summer holidays. “There has been a positive response from the public, while discussions are also taking place with companies interested in investing in the proposed bank,” Hambas said. The public share offer began on July 22, 2026, with the online sale of 42 million new shares issued by the Pancyprian Cooperative Holding and Cooperative Promotion Company Ltd. Each share has a nominal value of €1, while the minimum subscription has been set at 100 shares. The share offer will remain open until November 17, 2026, through the Athlos Capital online platform. The prospectus for the public offering has already been approved by the Cyprus Securities and Exchange Commission (CySEC). Hambas said that, because the public offering remains in progress, he could not comment on the level of investor interest or the amount of capital raised so far. He also explained that, should the required amount of capital not be secured before the application period closes, the company has the option of extending the public offering. “We have the right to extend the public offering by eight months, provided the prospectus is first updated,” Hambas said. Hambas described the creation of the new cooperative bank as a rare opportunity for Cyprus, given the regulatory complexity involved in establishing a financial institution under the supervision of the European Central Bank (ECB). “Projects of this kind, which involve establishing even a cooperative bank within the European Central Bank’s (ECB) institutional framework and under its extensive regulatory, governance and policy requirements, are not opportunities that are often presented to the people of Cyprus,” Hambas said. He urged members of the public to support the initiative by becoming shareholders in the company. “I call on the people of Cyprus to support this effort in a practical way and become members of the company by purchasing shares,” Hambas said. Hambas added that the initiative was intended to serve the wider public. “This effort concerns everyone. This Pancyprian Cooperative Bank is being created by civil society for the citizens of Cyprus,” Hambas said. Alongside the public offering, the organisation has launched a series of regional meetings to help prospective investors complete the application process. Referring to a regional meeting held on Tuesday in Triptolemos, Evrychou, Hambas said the event had been organised in cooperation with the Union of Cyprus Communities, following invitations from local communities. He explained that the aim of these meetings is to train people on how to submit their applications through the online platform. “Because applications can only be submitted online, technical staff from the company will attend the meetings to explain to people how they can complete the application process,” Hambas said. Hambas added that further regional meetings are scheduled to take place later on Wednesday in Kalopanayiotis and on Thursday in Kampos Tsakistras. He said the organisation’s objective is to have visited all regions of Cyprus by September, ensuring that members of the public receive guidance on the online application process.