Pancreta Bank on Monday signed an agreement, in principle, with HSBC Continental Europe for the purchase of the latter’s banking operations and branch network in Greece.
Completion of the deal is subject to regulatory approval by the Bank of Greece (BoG) and the Hellenic Competition Commission.
According to the agreement’s terms, after completion of proposed sale, all assets and liabilities, human resources, along with 15 HSBC branches in Greece, will be transferred to Pancreta Bank SA.
Pancreta Bank’s capital adequacy ratios are expected to be strongly enhanced upon completion of the sale, and ahead of an expected Pancreta upcoming capital increase in the second quarter of 2022.
The proposed sale is eyed for completion in the first half of 2023.
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