After extensive studies and research, the Pan-Cyprian Cooperative Society for the Promotion of Cooperation announced that it's moving forward with the creation of the Pan-Cyprian Cooperativism Bank.

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

Criteria for bids, a feasibility study, and the proposal for establishing the new Cooperative Bank were adopted. All legally required procedures, as applied in the public sector, were followed, and PwC received the highest evaluation. The feasibility study conducted by PwC concluded that the operation of a Cooperative Bank in Cyprus is viable.

Furthermore, it was decided at the P.C.S.P.C. LTD General Assembly on March 15, 2024, to establish the Pan-Cyprian Cooperative Bank, in accordance with the Cooperative Societies Law and the relevant regulations of the Central Bank.

Regional and Pan-Cyprian meetings will follow for comprehensive updates, exchange of views, suggestions, and exploration of conditions for achieving the goals, the announcement concludes.