Cyprus to launch 42-million-euro share sale to rebuild Co-operative Bank

The initial steps to establish a new Co-operative Bank will begin on 22 July with the issuance of 42 million shares. Following years of discussions and viability studies after the 2018 collapse of the Cyprus Co-operative Central Bank and its credit societies network, the vision to resurrect the institution is transitioning into concrete corporate procedures.

Panicos Hambas, president of the Pancyprian Co-operative Society for Holdings and Promotion of Co-operation, acknowledged that while the...