Launching new cooperative bank in Cyprus poses challenges

Cyprus’ Authority Of Cooperative Societies, led by Kypros Protopapas, has raised concerns about the complexities involved in establishing a new, nationwide cooperative bank.

Speaking before the House finance committee this week, Protopapas explained that the authority has been advising interested parties on the stringent requirements for establishing a new cooperative institution.

Initial consultations began five years ago and have involved at least ten additional meetings.