Nicosia, Cyprus. The planned re-establishment of the Pancyprian Cooperative Bank could strengthen competition in Cyprus’ financial sector and benefit consumers and the wider economy, according to Argyris Alexandrou, president of the Cyprus association of economics teachers.
Capital raising phase
The initiative entered its capital raising phase after the Cyprus Securities and Exchange Commission approved the prospectus for its public offering.
The share offering will run from July 22 to November 17, 2026. Up to 42 million new shares, each with a nominal value of €1.00, will be offered to investors through the Athlos Capital platform.
The initiative aims to establish a new cooperative bank through a newly created participation company, which will allow citizens and organisations to acquire shares.
Social mission
Alexandrou told the Cyprus News Agency that the effort was for the common good and welcomed the initiative.
“It is positive that it is being recreated in such a short period of time,” he said.
He said the new cooperative bank’s social mission would distinguish it from commercial lenders and provide benefits to society and the economy.
“When the cooperative was created, it was established for a good purpose and to protect vulnerable and poorer social groups,” Alexandrou said.
He described the cooperative as a non-profit institution, unlike commercial banks, adding that it would benefit society and citizens.