Cooperative Bank of Chania on the deal with Pancreta Bank

“The Cooperative Bank of Chania, following the initiative of the Pancreta Bank, announced on 24/10/2021 the start of negotiations to examine the possibility of combining the forces of the two banks, embracing the vision of creating a banking group capable of claiming satisfactory market shares and to offer quality and competitive services both in Crete and nationwide”, the Cooperative Bank of Chania noted in an announcement.

It clarified that “After a period of study and analysis of the elements and prospects of the consolidatιon scheme, with the support of internationally recognized consultants, the administrations of the two banks negotiated, finalized and proposed the terms of their merger, which were approved in principle by the General Assemblies on both sides on 05/05/2022 and indeed with an overwhelming majority.

The implementation of the merger, in accordance with what is mentioned in the recently approved Prospectus of the Share Capital Increase of Pancreta Bank, is binding for the parties, however, its completion was conditional on the successful share capital increase of Pancreta Bank, while it is subject to condition a ) the decisions of the General Assemblies on the approval of the merger of the two banks, and b) the approval of the competent supervisory authority (SA), the Ministry of Development and Investments and the Competition Commission (if required)”.