With the guiding philosophy of the cooperative idea, "One for all and all for one," the Pan-Cyprian Cooperative Society for the Promotion of Cooperation unveiled the roadmap for establishing the Pan-Cyprian Cooperative Bank on Monday evening in Limassol.

In the presence of Limassol Members of Parliament, the President of the Union of Cyprus Communities, the Mayor of Limassol, and citizens, the Society’s President, Panikos Hambas, outlined plans to reestablish the cooperative movement in Cyprus.

He emphasized the initiative's support from the Union of Cyprus Communities, the Cooperative Commercial Sector, 18 Stakeholder Companies, PASYDY, PEO, SEK, DEOK, educational organizations (OELMEK, POED, OLTEK), associations of retired educators, the Cyprus Police Association, the Cyprus Firefighters Association, the Associations of Army Officers and Non-Commissioned Officers, and agricultural organizations including PEK, EKA, Panagrotikos, Nea Agrotiki, and Euroagrotiki.

"The cooperative idea is global—it exists throughout Europe and the world—and it must be revived in Cyprus," Hambas stated. He added that "the current financial conditions, marked by a banking oligopoly and citizen exploitation, demand this renewal."

Hambas highlighted that the time is ripe for the establishment of a new cooperative institution. He noted the disparity in cooperative banking activity, with European Cooperative Banks holding a 20-60% market share in countries like Austria, France, Germany, Italy, Luxembourg, the Netherlands, and Finland. By contrast, in Cyprus, two banks control 85% of the market, posing significant risks in the event of another economic crisis.

He also stressed the need for Cyprus to rejoin the European Cooperative Movement, pointing out that while Cyprus is absent, the occupied areas recently celebrated 65 years of their Cooperative Movement, attended by the European Association of Cooperative Banks, highlighting a significant political gap that must be addressed.

The Pan-Cyprian Cooperative Bank will stand out by starting without non-performing loans or systemic bank structures. It aims to create a competitive economic environment, encouraging Cypriots to invest by purchasing shares and offering lower costs to consumers. It will provide innovative solutions through collaboration with established European Cooperative Banks.

The bank's vision includes utilizing modern technology, maintaining low operating costs, and operating five branches—one in each city and one in a rural area. It aims to serve all workers while adhering to cooperative principles, supporting households and small to medium enterprises.

Regarding the technical and financial requirements, Hambas explained that the bank needs €5 million in equity capital, additional working capital for the two-year preparatory period, disclosure of shareholding composition, a detailed organizational chart, and the establishment of units for compliance, risk management, and control, alongside a Board of Directors and auxiliary committees.

He shared survey findings from supporting organizations, with 81% of 1,297 individuals and 89% of 74 public and semi-public organizations expressing dissatisfaction with their current banks. Additionally, 77% of 39 businesses were similarly discontented.

Hambas expressed optimism about public interest, with shares priced at €100 each. At previous informational meetings, 388 individuals expressed willingness to purchase shares worth €2,668,000. During Monday’s presentation, two attendees pledged interest in shares worth €3 million each.

Under the guidance of PwC, Hambas stated that they are in the initial stages of selecting an underwriter accredited by the Cyprus Securities and Exchange Commission to oversee the mass issuance of shares. If the initiative fails, any funds raised will be refunded to the public, minus expenses.

Highlighting the cooperative principle, "One for all and all for one," Hambas described the concept as having immense potential to revive the Cooperative Credit Sector in Cyprus.

Limassol Mayor Yiannis Armeftis acknowledged the historic importance of cooperation, calling it more than a financial tool, but a deeply rooted value that has supported grassroots movements and fostered social cohesion.

"During times of economic hardship, the cooperative movement was a lifeline for the common man. Today, more than ever, we need a Cooperative rooted in strong foundations—robust, sustainable, and capable of addressing modern Cypriot society’s needs," Armeftis stated. He concluded by emphasizing the necessity of collective effort to restart the movement on healthy and modern grounds, marking a positive development for the nation.