The Pankrita-HSBC deal is waiting for the green light from the BoG

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By Leonidas Stergiou

The approval of the competent authorities and, in particular, of the Bank of Greece is awaiting HSBC Greece and Pancretan Bank in order to complete the agreement for the acquisition of the former by the latter. A move, which leads to a net increase of the funds of Pankritia by 85 million euros that come from forecasts for the network that was covered through the parent company in France.

The acquisition of HSBC is a complement to the development program of Pancretan Bank, which already has higher assets and a number of branches than HSBC. Nevertheless, the latter has a sound loan portfolio, experienced executives and remarkable staff.

Subject to the approval of the agreement by the BoG, Pancretan Bank acquires from HSBC Greece:

– Assets over 1.8 billion euros

– Deposits of around € 1.7 billion,

Loans of 0.6 billion euros

– Network of 15 stores which leads to a net increase of the funds of Pankritia by 85 million 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.

It is recalled that in the last two years HSBC had been in talks with systemic banks, such as Alpha Bank and Eurobank, without however reaching any form of agreement for full or partial acquisition.

The exploratory contacts took place in several cycles, as it was a strategic decision from the headquarters in France to leave the Greek market within a certain time frame.

Source: Capital

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