Church of Cyprus is considering the establishment of the bank, not wanting to invest in the existing credit institutions in Cyprus.
According to Archbishop Chrysostomos II, the bank can be organized as a cooperative community. However, he stressed that as long as it is only an idea and no concrete action was taken. However, this statement has already been made public in September 2016 years.
The Archbishop recalled that the Church, which is the largest landowner in Cyprus, has lost millions of euros as a result of the financial crisis 2013 years. In particular, before the crisis the Church for many years it has been one of the main shareholders of Hellenic Bank (29%), but after a few steps recapitalization of its share in the share capital of the bank declined to 3,9%.