On Saturday, January 11, 2014, the next merger of the Cooperative Credit Institutions will take place, with the Paralimni SEE accepting the Famagusta Regional SEA, the Sotiras Famagusta SA, the Ayia Napa SA, the Xfagos SA Liopetriou, SPE Ormidias and SPE Xylotympou The new entity will be named SPE Kokkinochorion Ltd.
The SPI merger program is expected to be completed in March 2014.
Last Saturday, the eighth merger in the Cooperative Movement was completed.
According to an announcement by the Cooperative Central Bank, the Cyprus Cooperative Construction & Civil Servants Savings Bank SOTADYK has accepted the Limassol Civil Servants Cooperative Savings Bank (STADYLE), the Cyprus Government Employees Cooperative Savings Bank. (STAKEK) and the Cooperative Savings Bank of Larnaca Civil Servants (STADYLA) Ltd.
The new entity is named Cooperative Construction & Civil Servants Bank of Cyprus Ltd. The total assets of the company amount to € 1,2 billion and have over 106 thousand customers.