Non-systemic lender Pancreta Bank on Wednesday announced the signing of a memorandum of cooperation with the Cooperative Bank of Serres, reportedly opening the way to a merger, via absorption, of the latter by the former.
According to the announcement, both sides will proceed with negotiations in order to achieve a binding agreement by the last day of the year.
A previous initiative by Pancreta to merge with the Bank of Chania was judged as unfavorable by the new primary shareholders of the former, after a recent share capital increase altered the bank’s ownership profile.
At the same time, Pancreta is proceeding with the absorption of HSBC’s banking activities in Greece, based on an agreed to deal.
