untitled design

Pankritia Bank: ‘Aim to become the leading non-systemic bank’

The transformation of the bank and the goal of “becoming the leading non-systemic bank” was underlined by the president of Pancrete Bank, Mr. Dimitris Dimopoulos during the regular general meeting of shareholders held today.

The Bank is transforming itself by carrying out a Share Capital Increase of EUR 98 million, while the procedures for the absorption of HSBC’s operations in Greece and the friendly merger with the Cooperative Bank of Chania are progressing, said Mr. Dimopoulos, adding that the Bank’s goals based on its strategic plan is to increase its sizes and strengthen its position and profitability.

2021 was a pivotal year for Pancreatia, which significantly improved its figures and set in motion the developments for its transformation:

– Total Assets increased by 584 million euros during the year, or by approximately 27.4%.

– Equity amounted, on 31/12/2021, to approximately 85.1 million euros.

– Deposits exceeded 1.7 billion euros, showing an increase of approximately 20%, compared to 31/12/2020, while a de-escalation of the cost of deposits was achieved, which continues in the current year.

– The total allocations, before provisions, for the same period exceeded 1.7 billion euros, showing an increase of approximately 7.5%.

– Accumulated provisions increased by 5% and amounted to approximately 375 million euros.

– The Capital Adequacy Ratio stood at 10.45%, higher by 0.37 basis points than the minimum required 10.09% set by the Bank of Greece.

– The pre-tax profit amounted to 5.11 million euros, many times more than the previous year.

The new model

In particular, Mr. Dimopoulos referred to the transformation of the Business and Operating Model, the strengthening of the credit portfolio in dynamic sectors of the economy, the consolidation of the loan portfolio, the digital transformation, the focus on ESG criteria, the continuous and targeted training of human resources its potential.

Regarding the current conditions, Mr. Dimopoulos noted that the banks have to face significant challenges. However, regarding the general economic climate, he expressed his optimism that Greece can turn the current energy crisis into a historic opportunity and emerge as an energy hub of Southeast Europe.

Antonis Bartholomeos

Addressing the House of the General Assembly, the CEO of the Bank, Mr. Antonis Bartholomeos, referred extensively to the major projects carried out during the last year and a half at the Bank, which brought about not only its transformation but its radical reformation. He emphasized the contribution of the human resources of all levels of the hierarchy in this effort. Regarding the upcoming Share Capital Increase, he was optimistic about the positive response of both old shareholders and new investors, pointing out that the success of the Increase will pave the way for future growth and provide the means to make significant investments in technology and development of infrastructure and automation, necessary for the adoption of the Bank’s new operational model.

“With the support of our experienced strategic investor Mr. Michalis Salla, Pangreetia is expanding its banking footprint, aspiring to be a significant player with a distinct role in the Greek banking system” the Bank’s CEO pointed out in his speech.

Referring to the following day, he pointed out that the goal remains the further strengthening of the Bank’s position in Crete and the gradual expansion, both in Athens and Thessaloniki, but also in the rest of Greece.

“Inheriting our 30-year history and guided by values, culture, and a friendly and humane face in serving our customers, we seek with claims to establish ourselves as the 5th banking pillar in the country. With the successful completion of our strategic planning and in the horizon of about a year from today, we are sure that we will have a completely healthy Bank, much larger, more modern, highly functional and ready to respond to the challenges of the wider financial environment” he emphasized, concluding his introduction.

George Sallas

“The increase in share capital is a big undertaking. It has a developmental character and this is the qualitative element that we must communicate to all our shareholders: Old and New”, said the Vice President of the Bank, Mr. Giorgos Sallas, in his brief greeting to during the Assembly. Together we create Candia Bank, he said, while he did not fail to conclude by emphasizing that “we must find ways to invite small and medium-sized businesses to our side that can grow with us. And these ways must be substantial, providing the tools, the service, quality and speed that businesses need in this phase”.

Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular