After extensive negotiations spanning several months, reliable sources confirm that investor Telis Mistakidis has secured the majority stake in Aegean Baltic Bank.
This deal holds transformative potential, as Mistakidis, the former Glencore executive and Greece’s second wealthiest individual according to Forbes, will possess around 48% of the bank’s shares but will wield 68% control, granting him full authority.
The new owner, Telis Mistakidis, expresses confidence in Afthonidis’ management and believes strongly in the investment.
Additionally, ship-owner Alek Tomazos, who collaborates with Mistakidis in maritime ventures and played a key role in negotiations, will have a minor role in the structure.
The acquisition of Aegean Baltic Bank reflects substantial interest in banking investments and optimism surrounding Greece’s economic growth. Despite its size, the bank has a significant presence, particularly in the shipping sector.
In the first nine months of 2023, Aegean Baltic Bank’s assets hit 1.15 bln euros, with customer deposits at €1 billion and loans granted totaling 505 mln euros, 79% of which are maritime loans. Non-performing loans stood at 1.7%, covered 91.3% by provisions. Net profits after taxes for the period reached 21.5 mln euros.
Source: tovima.com
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