The initiative by various unions, organizations, and associations for the creation of a new Cooperative Bank is progressing rapidly.

According to information, those involved in the initiative have already started regional gatherings in municipalities and communities to both inform and gauge the "wants" of citizens regarding banking institutions and their needs.

In fact, these gatherings will intensify nationwide in October, following a meeting with the new Governor of the Central Bank of Cyprus. It’s worth noting that a meeting had also been held with the previous Governor of the Central Bank.

As noted by key figures involved in the initiative, after the series of regional gatherings is completed, the next steps are to obtain approval for the creation of the new Cooperative Bank from the Central Bank of Cyprus and Frankfurt and proceed with its establishment.

According to previous reports, the new Cooperative Bank will offer and provide loans to both citizens and professionals with lower interest rates.

It’s 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 Teachers' Associations, the Cyprus Police Association (SAC), the Cyprus Firefighters Association, the Officers and Non-Commissioned Officers of the Cypriot Army, the Union of Communities, and the Agricultural Organizations PEO-PEK-AGRINATIONAL-NEW AGRICULTURAL-EUROAGRICULTURAL.