Nicosia, Cyprus. The Cyprus Borrowers Protection Association (Syprodat) has welcomed the launch of the public share offering for the proposed Pancyprian Cooperative Bank, saying its success will depend on transparency, sound corporate governance and restoring public trust.
CySEC has approved the prospectus for the offering, enabling organisers to seek €42 million in capital for the proposed credit institution.
Share offering and licensing
Syprodat said the initiative had entered its most critical phase, as completion of the share offering is required before the proposed bank can seek the necessary licences from the Central Bank of Cyprus and the European Central Bank.
The public offering will run from July 22, 2026, to November 17, 2026. Up to 42 million new shares, each with a nominal value of €1.00, will be available to investors through the Athlos Capital platform.
Competition and economic support
The association said the proposed bank aims to support the real economy, small and medium-sized enterprises, farmers, professionals and young families.
It added that an additional banking institution could strengthen competition and provide more options for depositors and borrowers.
Transparency and confidence
Syprodat said public confidence in the banking sector continues to be affected by the 2013 collapse of Laiki Bank and the 2018 dissolution of the Cyprus Cooperative Bank.
It said full transparency over the bank’s shareholder structure, governance arrangements and internal control mechanisms would be necessary to regain public trust.
Governance and supervision
The association said the project’s outcome would not be determined only by capital adequacy or supervisory approvals.
It said responsible lending policies, compliance with the European supervisory framework and sound corporate governance would determine whether the initiative succeeds. Syprodat added that it supports initiatives that strengthen competition in Cyprus’ banking sector when they are based on transparency, accountability and effective supervision.
