Pancreta Bank suspends moves aimed at merger with Cooperative Bank of Chania

Pancreta Bank on Monday afternoon announced a suspension of actions to merge with the Cooperative Bank of Chania, saying the decision emanates from a “refusal” by the latter to come into contact with the former over the merger process.

The announcement comes 14 months after the signing of a memorandum of cooperation between the two Greece-based non-systemic lenders.

The specific period, more than a year ago, witnessed Lyktos Group, controlled by former Piraeus Bank CEO Michael Sallas, eyeing a share capital increase of 100 million euros for Pancreta, the absorption of HSBC’s activities in Greece and the merger with Cooperative Bank of Chania. The goal was the creation of the fifth largest bank in Greece, with assets of roughly five billion euros.

However, Lyktos was absent from Pancreta’s share capital increase in late October 2022.

Pancreta Bank’s share capital increase attracted capital of 98.71 million euros, rendering it in 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. made it 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.