The Pancretan Bank-HSBC Greece deal and the next steps

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By Leonidas Stergiou

HSBC’s activities in Greece are transferred to Pankritia Bank, following the agreement between the two parties and the initial green light from the Bank of Greece, as has already published since February.

Today, the agreement was officially announced, which is under the final approval of the Bank of Greece, where the relevant file has been submitted. With this move, Pancretan Bank acquires 15 HSBC branches, expanding its network outside Crete, with a net increase of its capital by 85 million euros. The acquisition of the Greek activities of HSBC is a complementary move in the development plan of Pankritia, which at the same time proceeds to the merger with the Bank of Chania, but also to a capital increase, which is estimated at 100 million euros. The result is the creation of a bank with assets that will approach 5 billion euros.

It is clarified that the share capital increase will act in addition to the net capital increase of 85 million euros as a result of the transaction with HSBC.

The capital increase is expected to take place in the second quarter of the year, while the completion of the deal with HSBC is estimated to be completed within the first half of 2023.

In addition to the 15 branches, Pancretan Bank acquires from HSBC:

– Assets over 1.8 billion euros
– Deposits of around € 1.7 billion,
Loans of 0.6 billion euros

It is noted that the assets of Pankritia, according to the balance sheets of the nine months of 2021 amounted to 2.6 billion euros (deposits of 1.5 billion euros) while it has 45 service points nationwide.

The official announcement

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.

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Source: Capital

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