Pancreta Bank completes successful share capital increase

Pancreta Bank’s share capital increase attracted capital of 98.71 million euros on Thursday, essentially opening the way for implementation of the non-systemic lender’s development plan.
The aim is achieve a fifth-place ranking in terms of Greece-based credit institutions, behind the four systemic banks and non-systemic Attica Bank.

The private placement of Cyprus-based Thrivest Holding Ltd. renders the latter as the biggest shareholder, with 32.38 percent of Pancreta’s share capital. Thrivest Holding is the investment vehicle controlled by businessmen Dimitris Bakos, Ioannis Kaymenais and Alexandros Exarchos.

According to an announcement, the successful share capital increase further boosts the bank’s growth prospects, on the back of a friendly merger with the Cooperative Bank of Chania and the purchase of HSBC’s network in Greece.

With the share capital increase, 78.966.680 new common shares were issued, with a nominal value of 0.50 euros per share, and with a placement price of 1.25 euros per share.