The establishment of a new Cooperative Bank in Cyprus is progressing, as confirmed during a session of the House Audit Committee.

Panicos Hambas, President of the Pancyprian Cooperative Society for the Promotion of Cooperativism, stated that a specialized firm has been tasked with preparing a prospectus to be submitted to the Central Bank of Cyprus for approval. Once approved, the formal process of establishing the new bank will begin, initially with five branches.

The new Cooperative Bank will issue shares valued at €100 each and will invite citizens to participate.

The Minister of Energy expressed the government’s support for the initiative, while the Minister of Finance responded positively to a request for the use of facilities formerly operated by the previous cooperative banking structure.

Support for the initiative was also voiced by MPs from all political parties, who said that the new Cooperative Bank could enhance competition in the financial sector to the benefit of citizens.