After extensive negotiations spanning several months, reliable sources confirm that investor Telis Mistakidis has secured the majority stake in Aegean Baltic Bank.
This deal holds transformative potential, as Mistakidis, the former Glencore executive and Greece’s second wealthiest individual according to Forbes, will possess around 48% of the bank’s shares but will wield 68% control, granting him full authority.
The new owner, Telis Mistakidis, expresses confidence in Afthonidis’ management and believes strongly in the investment.
Additionally, ship-owner Alek Tomazos, who collaborates with Mistakidis in maritime ventures and played a key role in negotiations, will have a minor role in the structure.
The acquisition of Aegean Baltic Bank reflects substantial interest in banking investments and optimism surrounding Greece’s economic growth. Despite its size, the bank has a significant presence, particularly in the shipping sector.
In the first nine months of 2023, Aegean Baltic Bank’s assets hit 1.15 bln euros, with customer deposits at €1 billion and loans granted totaling 505 mln euros, 79% of which are maritime loans. Non-performing loans stood at 1.7%, covered 91.3% by provisions. Net profits after taxes for the period reached 21.5 mln euros.
Source: tovima.com
Latest News
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country