The inaugural ceremony for the public share offering to establish the Pancyprian Cooperative Bank is taking place today at 11am at the headquarters of the teachers union Poed, marking the formal launch of the bank’s capital raising process.

The public offering concerns up to 42 million new ordinary shares, each with a nominal value of €1.00 and to be issued at €1.00 per share, as part of the company’s effort to raise share capital through a cash contribution.

The share issue follows a resolution approved by the company’s general meeting on December 1, 2025, authorising the capital increase through the public offering.

According to the terms of the offering, the issuer’s board of directors reserves the right to increase the size of the share issue if demand exceeds the initial allocation.

In the event of oversubscription, the issue may be expanded from 42 million shares to a maximum of 100 million shares, representing the company’s authorised share capital.

The allocation plan provides that 60 per cent of the total share issue will be reserved for individual investors, while 40 per cent will be allocated to Cypriot companies.

The committee overseeing the initiative comprises 19 members, chaired by Panikos Hambas.

The remaining members are Katerina Markoullidou, Panikos Argyrides, Kyriacos Charalambous, Yiannakis Ioannou, Christos Tombazos, Michalis Lytras, Antonis Antoni, Andreas Kitromilides, Constantinos Constantinou, Charalambos Charalambous, Demetris Koulas, Pambos Ioannides, Neophytos Xenophontos, Apostolos Skouroupatis, Akritas Aspris, Vassos Partassides, Evgenios Eleftheriou and Anastasis Yiapanis.