Initially, the Pancretan Bank signed today with HSBC Continental Europe (“HSBC”) an agreement for the acquisition of the operations of the Greek branch of HSBC.
The completion of the transaction is subject to the approval of the Bank of Greece and the Competition Commission.
According to the terms of the agreement upon completion of the transaction, it is expected that all assets and liabilities, human resources and the network of 15 HSBC branches in Greece will be transferred to Pancretan Bank SA.
It is noted that the HSBC network is completely complementary to the presence of Pankritia in Athens, which in this way is strengthened.
The capital adequacy ratios of Pankritia Bank are estimated to strengthen significantly after the transaction, as well as further with the planned share capital increase of Pankritia that is expected to take place in the 2nd quarter of this year.
The parties estimate that the transaction is expected to be completed within the first half of 2023.