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Cyprus Cooperative Bank Bid Warns Of Fake Share-Selling Websites

A company behind plans for a new cooperative bank in Cyprus has reported an attempted online scam to police after discovering fake websites and social media accounts targeting potential investors.

Fake Channels Target Prospective Investors

The Pancyprian Cooperative Society for Participation and Promotion of Cooperativism said unauthorized websites and profiles were posing as official sources of assistance for people seeking to buy shares in its ongoing offering.

No individual, company or third party has been authorized to represent the group, mediate transactions or assist prospective members, it said.

Official Platforms Confirmed

Pancyprian Cooperative Society identified pccppc.cy as its only official corporate website. Membership applications and share purchases are handled exclusively through its dedicated share platform.

The warning comes as the company raises capital to establish a new cooperative credit institution in Cyprus. Its prospectus was approved by the Cyprus Securities and Exchange Commission on July 8, while the public offering opened July 22 and is scheduled to run until Nov. 17.

Capital Raise Underway

Up to 42 million new shares are being offered at a nominal value of €1 each, with a minimum online investment of €100.

Prospectus approval does not constitute an endorsement of the shares, and the proposed bank will still require the necessary licenses before beginning operations.

Public Urged To Verify Communications

Potential investors should avoid sharing personal or financial information through unofficial websites or social media accounts, the company said. Any communication should be verified through its official channels before a share purchase is made.

Support is available at 97913011, 97913012, 97913013 and 97913014, while potential investors are advised to use the company’s official channels for enquiries.

A police complaint followed the discovery of fake online material that the company said was designed to mislead and defraud people interested in the share offering.

EU Agrees On Major Overhaul Of Financial Market Supervision

European Union finance ministers have reached agreement on a sweeping package designed to strengthen oversight of the bloc’s financial markets, in a move aimed at reducing fragmentation and improving the flow of capital across borders.

A Push To Deepen Capital Markets

The Market Integration and Supervision Package, or MISP, would grant the European Securities and Markets Authority direct supervision over major market operators that are currently regulated by national authorities. The reforms are intended to make Europe’s capital markets more integrated, more efficient and better able to channel savings into productive investment.

According to the Irish presidency, the package is meant to help savings and investments move more freely across the European Union, improving access to finance for companies while giving households broader opportunities to earn returns on their savings.

What The Reform Would Change

Under the new framework, ESMA would take direct oversight of key trading venues, clearing houses, securities settlement bodies and crypto-asset service providers. The package would also establish a permanent, independent executive board within the regulator, strengthening its institutional capacity.

Market operators would be able to opt into a new EU-wide operating framework. In parallel, the reforms would seek to make national supervision more consistent and update rules governing trading, transaction completion, investment management and the use of blockchain technology.

Why The Agreement Matters

Supporters of deeper capital markets argue that Europe has long paid a price for regulatory inconsistency. While many rules are harmonised across the bloc, differences in enforcement and supervision have contributed to a patchwork system that can make cross-border investment slower and more costly.

A more integrated framework, proponents say, could lower costs for companies seeking funding and broaden the menu of investment options available to savers and institutional investors alike.

Outstanding Questions Remain

Despite the broad agreement, some important details remain unresolved. Trading venues operated by Deutsche Börse, the company behind the Frankfurt stock exchange, may remain outside ESMA’s direct supervision.

Euronews previously reported that Germany had secured an exemption for Deutsche Börse’s domestically focused trading venues, leaving part of the system under regional supervision. The latest announcement did not clarify whether that arrangement will stand.

A Step Forward For The Savings And Investments Union

Dutch Finance Minister Eelco Heinen welcomed the deal, calling it a major advance for the Capital Markets Union and saying Europe had made more progress in 10 months than in the previous 10 years.

The agreement is an important milestone in the Savings and Investments Union, the EU’s broader effort to channel more of Europeans’ savings into investments that can support growth, innovation and competitiveness across the bloc.

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