The share offering for the Pancyprian Cooperative Company for Holdings and the Promotion of Cooperation, whose primary objective is to establish the Cyprus Cooperative Bank, will take place between 22 July and 17 November 2026, Panikos Hambas, Chairman of the Company's Committee, announced on Friday during the company's first official gathering in Nicosia following the approval of its prospectus by the Cyprus Securities and Exchange Commission (CySEC).
CySEC has approved a public offering of up to 42 million new shares with a nominal value of €1 each. Interested investors will be able to purchase shares through the Athlos Capital platform, with a minimum subscription of 100 shares.
Finding the balance
In his address, Hambas said that the entire undertaking has been, and continues to be, challenging, "but not impossible," noting that socioeconomic conditions are now ripe for a new cooperative movement. "We must find the right balance so that the Cooperative Idea 'each for all and all for each' can operate within the new legal framework of the banking sector, always placing people at the centre," he added.
He stressed that transparency, democratic procedures, consensus and unity are the defining characteristics of the Cooperative Society. "Our organisation will stand out because it is being created by the people for the people, and by the legal entities operating on the island," he said. At the same time, he highlighted the importance of prudent lending practices to ensure that loans remain sustainable and do not become non-performing.
Timeline
He further explained that a new company, to be named Cyprus Cooperative Company, will be incorporated in the coming period. Once it obtains the necessary licences, it will be transformed into the Cyprus Cooperative Bank, with 60% of its shares to be held by the Pancyprian Cooperative Company for Holdings and the Promotion of Cooperation.
Responding to questions from the audience regarding the timeline for establishing the Cyprus Cooperative Bank, Hambas said that the company is currently "working on the application to the Central Bank of Cyprus," which, as he explained, will be submitted simultaneously with the application to the European Central Bank. While noting that the approval timetable depends on the regulatory authorities rather than the company itself, he said that preparations for the new company have already begun so that, once the necessary licences are granted, operations can commence immediately and within the required timelines.
Source: CNA
