Pancreta Bank – HSBC: First agreement for the acquisition of HSBC’s of the Greek branch

In the first half of 2023, the transaction for the sale of the HSBC branch in Greece to Pancreta Bank is expected to be completed, provided that the necessary supervisory approvals are obtained.

The two sides signed the agreement in principle today. 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 Pancreta Bank.

An announcement of the Greek credit institution points out that the HSBC network is completely complementary to its presence in Athens.

Enhancement

In addition, the capital adequacy ratios of Pancreta Bank are expected to be significantly bolstered after the transaction, and even further with the planned share capital increase that is expected to take place in the 2nd quarter of this year.

On the other hand, the British group announced that HSBC is in the process of informing its employees, in the context of the implementation of the agreement.

It pointed out that in any case, its staff in Greece will be transferred to the new scheme, as they are part of the transaction.

It is noted that the completion of the deal is subject to the approval of the Bank of Greece and the Competition Commission.