Sal­las en­ters Panc­re­tan’s share cap­i­tal

Kathimerini English - - Focus -

Panc­re­tan Co­op­er­a­tive Bank an­nounced yes­ter­day that for­mer Pi­raeus Bank pres­i­dent and founder Michalis Sal­las is en­ter­ing the share cap­i­tal of the Irak­lio-based lender with the purchase of a 15 per­cent stake.

The two sides have signed a mem­o­ran­dum of un­der­stand­ing whereby Sal­las ex­pressed his de­sire to ac­quire at least 15 per­cent of Panc­re­tan’s shares as a strate­gic in­vestor via a share cap­i­tal in­crease. His en­try will take place ac­cord­ing to the le­gal frame­work for co­op­er­a­tive banks and will safe­guard the co­op­er­a­tive char­ac­ter of the Cre­tan lender.

“Both the bank’s man­age­ment and Mr Sal­las be­lieve that this co­op­er­a­tion cre­ates the ground­work for the strength­en­ing, de­vel­op­ment and up­grad­ing of the lender’s ac­tiv­i­ties to the ben­e­fit of the ex­ist­ing and fu­ture part­ners,” the Panc­re­tan state­ment read. “I have known the bank since its foun­da­tion and fol­lowed it closely... Our new ef­fort will con­trib­ute to its fur­ther growth and ex­pand its prospects to the ben­e­fit of its part­ners and its clients,” stated Sal­las.

The aim of the two sides is to com­plete the en­tire process ac­cord­ing to what the law, the su­per­vis­ing au­thor­i­ties and the MoU dic­tate by Jan­uary 31.

Panc­re­tan is the big­gest co­op­er­a­tive bank in Greece, with over 83,000 part­ners, de­posits of 1 bil­lion eu­ros, a mar­ket share of 13 per­cent on Crete and a loan port­fo­lio of 1.6 bil­lion eu­ros.

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