Public interest in acquiring shares in Cyprus' proposed new cooperative bank has been encouraging despite the summer holiday period, the chairman of the Pancyprian Cooperative Holdings and Cooperative Promotion Company said on Tuesday.
Panicos Hambas told CNA that investors were showing interest in the share offer and that discussions were also under way with companies considering investments in the planned lender.
"There is a response from the public, while contacts are also being made with companies to invest in the bank under establishment," he said.
The company launched an online public offer on 22 July for 42 million new shares with a nominal value of €1 each. The minimum subscription is 100 shares.
The share offer will remain open until 17 November through the Athlos Capital platform. The prospectus has been approved by the Cyprus Securities and Exchange Commission.
Hambas said he could not disclose the level of investor interest while the process was ongoing. He added that if the required amount is not raised by the application deadline, "we have the right to an eight-month extension of the Public Offer period, after the prospectus is first updated."
Call for public support
Hambas described the initiative as a rare opportunity for Cypriots to participate in the creation of a cooperative bank within the regulatory framework of the European Central Bank.
"Such undertakings, which are complex, for the creation, even of a cooperative bank, within the institutional framework of the European Central Bank, with the enormous requirements, policies and governance that exist, are not often offered to the people of Cyprus," he said.
He called on the public to support the project.
"I call on the people of Cyprus to support this effort in practice and become members of the company by purchasing shares," he said.
"This effort concerns everyone. This Pancyprian Cooperative Bank is being created by civil society for the citizens of Cyprus," he added.
Community meetings held
Hambas said the company, in cooperation with the Union of Cyprus Communities, has been holding regional meetings to explain the online application process.
Because applications can only be submitted electronically, technical staff are attending the meetings to assist and inform potential investors.
He said regional meetings were scheduled for Kalopanayiotis on Wednesday and Kambos Tsakistras on Thursday.
The aim, he added, is to cover all regions by September so that the public can be informed and trained on the application process.
Source: CNA
