About this Summary
This summary was created with the help of artificial intelligence (AI) to help readers quickly understand the key points of the article.
It has been reviewed by our editorial team before publication. For complete information and full details, please read the full article.
- The offer opened today and will remain available until 16 November 2026.
- Investors buying at least 100 shares at €1 each can become members.
- The issuing body expects to decide share allotments by 1 December and send allocation letters by 11 December.
- The new bank will seek licensing from the Central Bank of Cyprus and the ECB, with the process expected to take around 12 months.
The Cyprus Co-operative movement has launched a €42 million public share offer to raise capital for the creation of a new Co-op bank.
The public offer opens today and will remain available until 16 November 2026.
The issuing body, the Pancyprian Co-operative Holdings and Co-operative Promotion Company Ltd, is expected to decide on the allotment of new shares by 1 December, with allocation letters scheduled to be sent to investors by 11 December, subject to the progress of the process.
Membership starts from €100
According to the company, anyone purchasing at least 100 shares, priced at €1 each, can become a member.
Payments of up to €10,000 can be made by bank card through JCC and will be deposited into a dedicated account held at the Bank of Cyprus. Larger investments must be made by bank transfer following contact with the issuer’s designated team.
Capital aimed at creating new bank
According to the prospectus, the primary objective of the public offer is to secure the capital required to establish a new cooperative credit institution.
A subsidiary currently being established will apply for a banking licence from both the Central Bank of Cyprus and the European Central Bank (ECB), which is responsible for licensing credit institutions within the Single Supervisory Mechanism.
Of the €42 million target:
- €37.5 million will be invested in the share capital of the proposed bank;
- €3.5 million will be held as a reserve to cover establishment costs and unforeseen expenses; and
- approximately €1 million will fund the public offering, licensing preparations and the issuer’s operating expenses.
The total investment in the new bank’s share capital could reach €41 million.
Licence expected within 12 months
Following the completion of the share issue, the licence application is expected to be submitted within three months.
The issuer said proof that the required capital is available will be needed before the application can proceed.
The licensing process is expected to take around 12 months after a complete application is submitted, although the final timetable will depend on the supervisory authorities.
Refunds if licence is not granted
If the proposed co-op bank does not receive a banking licence from the European Central Bank, shareholders’ funds will be returned on a proportional basis after deducting any non-recoverable costs.
The issuer said all proceeds from the public offer will be used exclusively for establishing, capitalising and licensing the new cooperative credit institution.
Long-term vision
According to the prospectus, the new bank has set short-, medium- and long-term objectives.
Its immediate priorities include establishing operational infrastructure, introducing efficient customer service processes and offering competitive pricing to attract depositors and borrowers.
In the medium term, the bank aims to expand its customer base across all districts of Cyprus while providing responsible lending and tailored financial solutions.
Its long-term ambition is to become the preferred banking partner for Cypriot households and businesses, balancing profitability with its social mission and sustainable development.
Also read: Cyprus records EU’s second-largest annual public debt drop
For more videos and updates, check out our YouTube channel
