The establishment of the Pan-Cyprian Cooperative Bank is moving forward, turning a long-held vision into reality. The Pan-Cyprian Cooperative Society for the Promotion of Cooperation announced the creation of the new Cooperative.

A new Cooperative Bank, envisioned by many since the original Cooperative's closure, is now taking shape. However, the stakeholders in this initiative aim for the new Cooperative not to be just another commercial bank. They emphasize that its purpose is to serve ordinary citizens, farmers, livestock breeders, and small business owners, aligning with the original mission of the former Cooperative.

Speaking to Brief, Panikos Hambas, the General Secretary of EKA and one of the early advocates for the new Cooperative, stated that the Pan-Cyprian Cooperative Bank aims to assist citizens.

When asked about the feasibility, Mr. Hambas responded that an independent study confirmed the viability of the bank's operations, adding that the Bank will meet all the criteria set by the Central Bank of Cyprus. He also mentioned that other European cooperative banks are being studied for insights into their establishment and operations.

Although Mr. Hambas was brief in his comments, he noted that the new Cooperative is expected to be funded through a stock issuance, projected to occur between September and October.

When questioned about the services the new Cooperative will offer, Mr. Hambas indicated that it would provide loans to both citizens and professionals at low-interest rates.

It is important to note that this effort is supported by Cooperative Shareholding Companies, the Commercial Sector of the Cooperative, PASYDY, PEO, SEK, DEOK, Educational Organizations OELMEK, POED, OLTEK, Retired Educators' Associations, the Cyprus Police Association, the Cyprus Firefighters' Association, Officers' and Non-Commissioned Officers' Associations of the Cypriot Army, the Union of Communities, and Agricultural Organizations PEK, EKA, PANAGROTIKOS, NEA AGROTIKI, and EVROAGROTIKOS.