What is the different about a cooperative bank?

Question

In Cyprus I have noticed that there are many cooperative banks such as Spe Strovolou and many others, whilst in Greece you do not see as many as in Cyprus.

What is the difference between a cooperative bank and an ordinary bank?

Answer 1

With cooperative banks the share-holders are generally people who open accounts and deposit funds. Those deposited funds equate to shares. They are also usually operated as not for profit. In other regions, these cooperative banks are often called credit unions or mutual savings banks.